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Efficiency-wage Hypothesis and the Operational Production Pattern
The International Journal of Latest Trends in Finance and Economic Sciences
View Archive Info| Field | Value | |
| Title |
Efficiency-wage Hypothesis and the Operational Production Pattern
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| Creator |
Bresnahan, Brian W
Naqvi, Nadeem Schürg, Carolin |
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| Description |
An economy’s production set is the collection of all net output vectors that the economy is capable of producing with a given technology and fixed quantities of primary factors of production. The boundary of this set is called the production possibility frontier or PPF. We show that, if the efficiency-wage hypothesis holds, a country’s PPF, though conceptually valid, is an operationally irrelevant concept, because the economy never operates on the PPF, which is a view that ought to be appreciated in light of persistent unemployment in the new structure of economies of the post-21st-Century-crisis world.
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| Publisher |
International Journal of Latest Trends in Finance and Economic Sciences
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| Contributor |
N/A
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| Date |
2012-11-03
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| Type |
—
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| Format |
application/pdf
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| Identifier |
http://ojs.excelingtech.co.uk/index.php/IJLTFES/article/view/Bresnahan
10.2047/ijltfesvol2iss3-244-250 |
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| Source |
International Journal of Latest Trends in Finance and Economic Sciences; Vol 2, No 3 (2012): September; 244-250
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| Language |
en
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| Rights |
The copyright of the contribution is transferred to IJLTFES in case of acceptance. The copyright transfer covers the exclusive right to reproduce and distribute the contribution, including reprints, translations, photographic reproductions, microform, electronic form, or any other reproductions of similar nature. The Author may publish his/her contribution on his/her personal Web page provided that he/she creates a link to the mentioned volume of IJLTFES. The Author may not publish his/her contribution anywhere else without the prior written permission of the publisher unless it has been changed substantially. The Author warrants that his/her contribution is original, except for such excerpts from copyrighted works as may be included with the permission of the copyright holder and author thereof, that it contains no libellous statements, and does not infringe on any copyright, trademark, patent, statutory right, or propriety right of others. The Author also agrees for and accepts responsibility for releasing this material on behalf of any and all co-authors.
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