效率工资假说（英语：efficiency wage hypothesis），又称效率工资理论（efficiency-wage theory），劳动经济学中的一项假说，它认为工资并不全然是由劳动力的供给与需求所决定。雇主为了激励劳工，经常会用高于均衡价格的水准来雇用劳工，以增进员工的生产效率。它被认为是一种市场失灵的现象。这个理论被用来说明失业的产生，与工资的向下僵固性有关；也可以被用来解释为何工资铁律没有发生。

这个学说最早由艾尔弗雷德·马歇尔提出，现在成为新兴凯恩斯学派的研究主题之一。

In labor economics, the efficiency wage hypothesis argues that wages, at least in some markets, form in a way that is not market-clearing. Specifically, it points to the incentive for managers to pay their employees more than the market-clearing wage in order to increase their productivity or efficiency, or reduce costs associated with turnover, in industries where the costs of replacing labor are high. This increased labor productivity and/or decreased costs pay for the higher wages.