Pareto Inefficiency of Market Economies : Search and Efficiency Wage Models

This paper shows that market economies with search and in which wages are affected by efficiency wage considerations are not constrained Pareto efficient. Wages are not set at Pareto efficient levels, nor is the level of employment (unemployment) Pareto efficient. We identify the nature of the biases and the welfare improving government interventions

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Year of publication:	[2007]
Authors:	Greenwald, Bruce C. N.
Other Persons:	Stiglitz, Joseph E. (contributor)
Publisher:	[2007]: [S.l.] : SSRN
Subject:	Arbeitsmarkttheorie \| Labour market theory \| Effizienzlohn \| Efficiency wages \| Arbeitsuche \| Job search

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Extent:	1 Online-Ressource (18 p)
Series:	NBER Working Paper ; No. w2651
Type of publication:	Book / Working Paper
Language:	English
Notes:	Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments July 1988 erstellt
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10012777168