Efficiency wage

In the Shapiro-Stiglitz model workers are paid at a level where they do not shirk. This prevents wages from dropping to market clearing levels. Full employment cannot be achieved because workers would shirk if they were not threatened with the possibility of unemployment. The curve for the no-shirking condition (labeled NSC) goes to infinity at full employment.

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.

单词	Efficiency wages
释义	Efficiency wages 原声例句经济学人（汇总） The theory of “efficiency wages” says that well-paying firms can induce staff to work harder by improving morale or by making it costlier for them to risk being sacked. “绩效工资”理论认为：高薪公司或可以激发员工士气，或使员工冒解雇之风险而投机牺牲代价变的更高，从而促使员工更努力工作。英语百科 Efficiency wage 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.
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Efficiency wages

Efficiency wage