1 option
Pareto Inefficiency of Market Economies: Search and Efficiency Wage Models / Bruce Greenwald, Joseph E. Stiglitz.
- Format:
- Book
- Author/Creator:
- Greenwald, Bruce.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w2651.
- NBER working paper series no. w2651
- Language:
- English
- Subjects (All):
- Wages--Mathematical models.
- Wages.
- Unemployment--Mathematical models.
- Unemployment.
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Pareto Inefficiency of Market Economies
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1988.
- Cambridge, Mass. : National Bureau of Economic Research, 1988.
- Summary:
- 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.
- Notes:
- Print version record
- July 1988.
The Penn Libraries is committed to describing library materials using current, accurate, and responsible language. If you discover outdated or inaccurate language, please fill out this feedback form to report it and suggest alternative language.