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Human Agency and Material Welfare: Revisions in Microeconomics and their Implications for Public Policy

Author: Morris Altman
Publisher: Boston, MA : Springer US, 1996.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Some of the fundamental tenets of conventional economic wisdom, which have had a profound impact on public policy, are challenged in this book. These precepts include the affirmation that low wages are more beneficial that high wages to the process of growth and development; convergence in terms of output per person is just a matter of time; minimum wage laws and trade unions negatively impact on the economy as a  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Morris Altman
ISBN: 9781461563037 1461563038
OCLC Number: 851842748
Description: 1 online resource (xv, 133 pages)
Contents: I: Introduction: Wrestling With the Neoclassical Colossus --
II: Human Agency as a Determinant of Material Welfare --
An Alternative Model of the Economic Agent --
Human Agency and Technical Change --
Utility, Leisure, and Welfare --
Conclusion --
III: Interfirm, Interregional, and International Differences in Labor Productivity: Variations in the Levels of X-Inefficiency as a Function of Differential Labor Costs --
The Existence of X-Inefficiency --
Wage Differentials and X-Inefficiency --
Conclusion --
IV: High and Low Wage Paths to Economic Growth: A Behavioral Model of Endogenous Economic Growth --
The Conventional Growth Model and Amendments --
High and Low Wages and the Path and Pattern of Economic Growth --
Conclusion: The Low Wage Economy and Market Failure --
V: The Economics of Exogenous Increases in Wage Rates in a Behavioral/X-Efficiency Model of the Firm --
The Existence of X-Inefficiency --
Wage Differentials, X-Inefficiency, and the Shock Effect --
Conclusion: X-Efficiency and Neoclassical Microeconomics --
Appendix: Conditions for Constant Unit Costs, Constant Profits, and Constant Rates of Employment Growth --
VI: Labor Market Discrimination, Pay Inequality and Effort Variability: An Alternative to the Neoclassical Model --
Discrimination and Pay Inequality --
Effort Discretion, Discrimination and Long Run Pay Inequality --
The Fair Wage Hypothesis, Discrimination and Pay Inequality --
X-Efficiency Theory and Pay Inequality --
The Basic Model --
Conclusion --
VII: A Critical Appraisal of Corporate Size and the Transaction Cost-Economizing Paradigm --
Transaction Costs, Competition and Corporate Bigness --
X-Efficiency Theory and Corporate Bigness --
Transaction Costs and X-Inefficiency --
X-Inefficient Institutions --
Conclusion --
References.
Responsibility: by Morris Altman.

Abstract:

This is especially true when relatively inefficient firms can remain competitive by keeping wages relatively low - low wages serve to protect such firms from more efficient firms.  Read more...

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