Efficiency wage theory Essays

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An Evaluation Efficiency Wage Models Economics Essay
In efficiency wage models, companies choose to pay high wages to lessen turnover, eliminate shirking, increase morale, or in other ways enhance output. If wages exceed the market-clearing rates, unemployment results. Any more increase in wages, caused by some authorities policy, would likely worsen the unemployment problem but also further improve productivity. Combining the two effects, would the wage increase increase or lower end result and welfare? Quite simply,..
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