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Do Deferred Wages Eliminate the Need for Involuntary Unemployment as a Worker Discipline Device?

In: Advances in the Theory and Measurement of Unemployment

Author

Listed:
  • George A. Akerlof
  • Lawrence F. Katz

Abstract

In the most popular type of efficiency wage model of unemployment, firms pay wages in excess of market clearing to give workers an incentive not to shirk.1 Such payments in excess of market clearing and the resultant equilibrium unemployment act as a worker discipline device. This chapter concerns what is usually considered the most important theoretical criticism of such models: the so-called bonding argument.

Suggested Citation

  • George A. Akerlof & Lawrence F. Katz, 1990. "Do Deferred Wages Eliminate the Need for Involuntary Unemployment as a Worker Discipline Device?," Palgrave Macmillan Books, in: Yoram Weiss & Gideon Fishelson (ed.), Advances in the Theory and Measurement of Unemployment, chapter 7, pages 172-203, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-10688-2_7
    DOI: 10.1007/978-1-349-10688-2_7
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    Cited by:

    1. Choi, Jay Pil & Stefanadis, Christodoulos, 2015. "Monitoring, cross subsidies, and universal banking," International Journal of Industrial Organization, Elsevier, vol. 43(C), pages 48-55.

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