Efficiency Wages and Economic Growth
This paper examines the positive and normative implications of introducing efficiency wages into a standard growth model. A number of useful findings are obtained under the empirically justifiable assumption that the elasticity of substitution between capital and labor is less than unity. It is show...
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| Main Author: | |
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| Format: | text |
| Language: | English |
| Published: |
Institutional Knowledge at Singapore Management University
1993
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| Subjects: | |
| Online Access: | https://ink.library.smu.edu.sg/soe_research/175 |
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| Institution: | Singapore Management University |
| Language: | English |