Buy custom CRITICALLY EVALUATE THE EXTENT TO WHICH EFFICIENCY WAGE THEORY CAN PROVIDE AN EXPLANATION OF UNEMPLOYMENT
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| Topic: |
Business
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| Number of pages / Number of words: |
9 / 2320 |
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It can be seen clearly from the wage-effort function, illustrated in Figure 1. Wage is on the vertical axis so the slope of the curve is 1/e`(w). The firm should choose the point A, where the wage-effort curve has a slope of 1/e`(w*)=w*/e*,that is slope is 1. Otherwise, at other points, such as point B, 1/e`(w1)< w1/e1, the percentage increase in wage is smaller than the increase in effort...
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At point A the labour demanded is L2. Though the aggregate labour demand depends on that number and the number of firms in the industry and e*>e1, which means that under certain production, the labour demanded at w* must be less than that at w1. Then the labour supply at the wage w* exceeds labour demand, there will be unemployment...
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General points of the essay
CRITICALLY EVALUATE THE EXTENT TO WHICH EFFICIENCY WAGE THEORY CAN PROVIDE AN EXPLANATION OF UNEMPLOYMENT
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