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Higher wage paid to encourage productivity
In labor economics, an efficiency wage is a wage paid in excess of the market-clearing wage to increase the labor productivity of workers. Specifically
Efficiency_wage
Economic theory
In labour economics, Shapiro–Stiglitz theory of efficiency wages (or Shapiro–Stiglitz efficiency wage model) is an economic theory of wages and unemployment
Shapiro–Stiglitz_theory
Lowest remuneration which can be paid legally in a state for working
they can increase labor market efficiency and employment in monopsony scenarios, where individual employers have some wage-setting power over the market
Minimum_wage
American economist and government official (born 1946)
the topic: "A precursor to the efficiency wage literature...it had an influence, although the work on efficiency wage theory has had a bigger influence
Janet_Yellen
Condition in which a person is unemployed despite being willing to work
including implicit contract theory, disequilibrium theory, staggered wage setting, and efficiency wages. The officially measured unemployment rate is the ratio
Involuntary_unemployment
American economist (born 1940)
Memorial Prize. In Efficiency Wage Models of the Labor Market, Akerlof and coauthor/wife, Janet Yellen propose rationales for the efficiency wage hypothesis in
George_Akerlof
American economist and Nobel Laureate (born 1943)
during recessions, because wages are kept 'too high'. Possible corollary: Wage sluggishness. Moving from one private cost of hiring (w∗) to another private
Joseph_Stiglitz
Economic concept, a fixed price or wage
contracts as a poor basis for real wage rigidities, new Keynesian economists sought other explanations. Efficiency wage theories explain why firms might
Real_rigidity
Topics referred to by the same term
coffee break Shirking model, part of the economic principle of the efficiency wage USS Shirk (DD-318), a United States Navy destroyer in service 1921
Shirk
Metaphor for job promotion
Retrieved 10 April 2025. Akerlof, G. A. (1984). "Gift Exchange and Efficiency-Wage Theory: Four Views". The American Economic Review. 74 (2): 79–83. JSTOR 1816334
Career_ladder
of California, Berkeley Adverse selection (The Market for Lemons), Efficiency wage, Identity economics Michael Spence (1943–present) Harvard University
List of Nobel Memorial Prize laureates in Economic Sciences
List_of_Nobel_Memorial_Prize_laureates_in_Economic_Sciences
School of macroeconomics
willing workers unemployed. The most important of these theories was the efficiency wage theory used to explain long-term effects of previous unemployment,
New_Keynesian_economics
Defunct US government agency
The Department of Government Efficiency (DOGE) was a United States federal initiative launched by the second Trump administration. It was first suggested
Department of Government Efficiency
Department_of_Government_Efficiency
of 49 tons per day, and therefore being able to earn the increased efficiency wage of $1.85. Other workers who had tried and failed to load the target
Henry_Noll
Marxist term to describe the unemployed and undereployed in capitalist society
younger people decide to emigrate to a place where they can find work. Efficiency wage Full employment Guaranteed minimum income Ghost job Involuntary unemployment
Reserve_army_of_labour
Study of an economy as a whole
also cause more search unemployment because of increased mismatch. Efficiency wage models are labor market models in which firms choose not to lower wages
Macroeconomics
Rise of wage adjusted for inflation
Wage growth is a trend of increases in wages, in contrast to wage stagnation. Real wage growth is an increase in wages adjusted for inflation, while nominal
Wage_growth
Economic model of endogenous growth
the R&D sector n {\displaystyle n} , and the y-axis represents the efficiency wage ω {\displaystyle \omega } . The red curve represents the set of points
Aghion–Howitt_model
Concept in labour economics
Wage differential is a term used in labour economics to analyze the relation between the wage rate and the unpleasantness, risk, or other undesirable
Compensating_differential
Social activity undertaken by non-governmental nonprofit organizations; "third sector"
United States, which is a factor now considered in the analysis of efficiency wage. More recent researchers such as Peter Frumkin have also supported
Voluntary_sector
Situation where economic forces are balanced
correspond to market clearing (but instead to unemployment), as with the efficiency wage hypothesis in labor economics. In some ways parallel is the phenomenon
Economic_equilibrium
costs. efficiency wage Originally referred to the wage per efficiency unit of labor. Marshallian efficiency wages are those calculated with efficiency or
Glossary_of_economics
Surveillance of workers' activity
employees' on-the-job performance can make economic sense according to efficiency wage theory, while surveillance to prevent illegal activities should be
Employee_monitoring
German economist
labor economics are papers on the theory of wealth distribution, efficiency wages and wage discrimination, in which Schlicht offers rationales for why such
Ekkehart_Schlicht
British-Irish economist
1467-937X https://doi.org/10.2307/2296887 (4) "Unemployment and the efficiency wage hypothesis", Economic Journal, 91(364), December 1981, 848–866. Print
James_M._Malcomson
Wage Payment Systems are the different methods adopted by organizations by which they remunerate labour. There exist several systems of employee wage
Wage_payment_systems
Overview of and topical guide to Economics
and to consumer demand curves. Efficiency wage hypothesis – hypothesis of wage paid in excess of the market-clearing wage to increase the labor productivity
Outline_of_economics
American economist (born 1931)
the United States, which is a factor considered in the analysis of efficiency wage. Weisbrod was born on February 13, 1931, in Chicago. He graduated from
Burton_Weisbrod
American economist (born 1948)
directly. Macroeconomic models, including real business cycle models, efficiency wage models and search/matching models, have long had difficulty accounting
Paul_Milgrom
French-Swedish economist
and the ethnic minorities residing there. Search-matching models, efficiency-wage models, urban ghettos and labor markets are discussed in detail. Yasuhiro
Yves_Zenou
Theories relating to firms' roles in the economy
in a stable and sustainable manner. Efficiency wage models like that of Shapiro and Stiglitz (1984) suggest wage rents as an addition to monitoring, since
Theory_of_the_firm
Economics of labour within companies
selecting individuals who are most deserving based on their performance. Efficiency wage Human capital Internal labor market • Edward Lazear, 2008. "personnel
Personnel_economics
Economy-wide wage and price controls
Incomes policies in economics are economy-wide wage and price controls, most commonly instituted as a response to inflation, and usually seeking to establish
Incomes_policy
1936 book by John Maynard Keynes
preference, and gave new prominence to the multiplier and the marginal efficiency of capital. The central argument of The General Theory is that the level
The General Theory of Employment, Interest and Money
The_General_Theory_of_Employment,_Interest_and_Money
Study of the markets for wage labour
make rational choices based on the information that they know regarding wage, desire to provide labour, and desire for leisure, to maximise utility over
Labour_economics
Type of game theory
employed with an equivalent wage level will exert greater effort. This then continues to result in a higher market efficiency and higher rent than those
Gift-exchange_game
term shocks from becoming long term increases in unemployment. In efficiency wage models, workers are paid at levels that maximize productivity instead
History of macroeconomic thought
History_of_macroeconomic_thought
American attorney (born 1982)
Opportunity Commission from 2020 to 2024 and as the acting administrator of the Wage and Hour Division in 2019. Sonderling graduated from the University of Florida
Keith_Sonderling
Act of Parliament about Indian labour law
of Fair Wage. This committee came up with the concept of a minimum wage, which not only guarantees bare subsistence and preserves efficiency but also
Minimum_Wages_Act,_1948
Methodology used to improve production
manufacturing focuses on efficiency of inventory strategy to eliminate waste and enhance productivity, Lean manufacturing uses efficiency in its system setups
Lean_manufacturing
Improvement of governmental services
optimal wage policies arises. A cross-country study by Van Rijckeghem and Weder endeavours to find empirical support for the fair-wage and efficiency wage hypotheses
Civil service reform in developing countries
Civil_service_reform_in_developing_countries
Political philosophy and reform movement
resisting involuntary unemployment, public education, social security, minimum wage laws, antitrust laws, legislation protecting labor rights, and the rights
Progressivism in the United States
Progressivism_in_the_United_States
Unit of measurement for monetary quantities
The wage unit is a unit of measurement for monetary quantities introduced by Keynes in his 1936 book The General Theory of Employment, Interest and Money
Wage_unit
Lost economic efficiency
of taxation), or a binding price ceiling or price floor such as a minimum wage. Assume a market for nails where the cost of each nail is $0.10. Demand decreases
Deadweight_loss
financial resources (fiscal efficiency) and what are the impacts of this tax system on overall economic efficiency. If tax efficiency needs to be assessed,
Tax_efficiency
Political party
minimum wage and all six initiatives passed. In 2017, Senate Democrats introduced the Raise the Wage Act which would raise the minimum wage to $15 an
Democratic Party (United States)
Democratic_Party_(United_States)
Proposed insurance to cover salary losses
Wage insurance is a form of proposed insurance that would provide workers with compensation if they are forced to move to a job with a lower salary. The
Wage_insurance
Economic system based on private ownership
profit motive, capital accumulation, competitive markets, commodification, wage labor, and an emphasis on innovation and economic growth. Capitalist economies
Capitalism
American politician (born 1994)
During the campaign, Boafo supported proposals to raise the federal minimum wage and to increase support for small businesses. Boafo won the Democratic primary
Adrian_Boafo
Facility used to house computer servers
Independent academic research has further found measurable employment and wage effects in local labor markets where large facilities are built. At the same
Data_center
Group of macroeconomic theories
assumption that "wage bargains ... determine the real wage". The first lies in the fact that "labour stipulates (within limits) for a money-wage rather than
Keynesian_economics
Caucus within the Democratic Party in the US Congress
Representatives passed H.R.582, The Raise the Wage Act, which would have gradually raised the minimum wage to $15 per hour. It was not taken up in the
Congressional Progressive Caucus
Congressional_Progressive_Caucus
Relationship between employee and employer
and actual processes. Employers must balance interests such as decreasing wage constraints with a maximization of labor productivity in order to achieve
Employment
US campaign for a flexible living wage
Locality Wage, (formerly Universal Living Wage - ULW), is an ongoing campaign, launched by Richard R. Troxell, to revise the federal minimum wage and its
Universal_Living_Wage
Political party
right-to-work laws. Most Republicans also oppose increases in the minimum wage. Historically, progressive leaders in the Republican Party supported environmental
Republican Party (United States)
Republican_Party_(United_States)
American politician (born 1982)
the Congressional Progressive Caucus and has advocated for a $15 minimum wage, universal healthcare, student loan debt forgiveness, the protection of Deferred
Ilhan_Omar
Mayor of New York City since 2026
rent-stabilized units, additional affordable housing units, and a $30 minimum wage by 2030. He also expressed support for LGBTQ rights, comprehensive public
Zohran_Mamdani
Industrialist and technologist (born 1971)
President Trump and the de facto head of the Department of Government Efficiency (DOGE). Musk left the Trump administration in May 2025 and returned to
Elon_Musk
American politician (born 1967)
against war powers resolutions intended to limit President Trump's ability to wage the 2026 Iran war without congressional consent. *2000 election notes: Richard
Jon_Husted
American politician and activist (born 1989)
minimum wage. In May 2019, she returned to bartending at the Queensboro Restaurant in Jackson Heights, Queens, to promote the Raise the Wage Act, which
Alexandria_Ocasio-Cortez
American political commentator (born 1991)
(factions) Sandersism History and movements Progressive Era Square Deal Efficiency movement The New Freedom New Deal consensus New Deal Great Society Civil
Hasan_Piker
Defensive lines of the war
Alexander; McCabe, Riley (9 June 2023). "Seizing the Initiative in Ukraine: Waging War in a Defense Dominant World". Center for Strategic and International
Fortifications of the Russian invasion of Ukraine
Fortifications_of_the_Russian_invasion_of_Ukraine
Labour union agreements in Australia
1988, established what it termed the Structural Efficiency Principal (SEP). This principal conferred wage increases to unions who committed to restructuring
Prices_and_Incomes_Accord
American multinational technology conglomerate
Matsakis, Louise (October 2, 2018). "Why Amazon Really Raised Its Minimum Wage to $15". Wired. Archived from the original on October 30, 2018. Retrieved
Amazon_(company)
policies. In the 1920s, businessmen found the most profitable wage to be the "efficiency wage", one that attracted more productive workers. This resulted
Causes of unemployment in the United States
Causes_of_unemployment_in_the_United_States
Governor of Illinois since 2019
progressive Democrat, he has legalized recreational cannabis, raised the minimum wage, expanded abortion access, and unsuccessfully sought to implement income
JB_Pritzker
American politician and lawyer (born 1976)
was an original co-sponsor of the Raise the Wage Act of 2025, which would raise the federal minimum wage to $17 and phase out subminimum wages for tipped
Ro_Khanna
American politician (born 1966)
Ma launched the Small Business Energy Efficiency Financing and the Affordable Multifamily Energy Efficiency Financing programs in October 2019 to help
Fiona_Ma
President of the United States (2017–2021; since 2025)
Retrieved October 1, 2021. Blake, Aaron (July 6, 2016). "Donald Trump is waging war on political correctness. And he's losing". The Washington Post. Retrieved
Donald_Trump
Proposed tax reform
of economic efficiency, and was preferable to government interference in the market (as happens in modern economies through the minimum wage) which damages
Negative_income_tax
Theory of management
analyzes and synthesizes workflows. Its main objective is improving economic efficiency, especially labor productivity. It was one of the earliest attempts to
Scientific_management
Spanish cooperative federation
Mondragon, there are agreed-upon wage ratios between executive work and field or factory work which earns a minimum wage. These ratios range from 3:1 to
Mondragon_Corporation
Direct reciprocal exchange of goods or services without the use of money
developed a "theory of equitable exchange" as a critique of the exploitative wage relationship between capitalist and labourer, by which all profit accrued
Barter
Federal office in the United States
The Wage and Hour Division (WHD) of the United States Department of Labor is the federal office responsible for enforcing federal labor laws. The Division
Wage_and_Hour_Division
American businessman and government official (born 1962)
easing, and fiscal stimulus). Bessent opposes raising the federal minimum wage in the United States, calling it "more of a statewide and regional issue"
Scott_Bessent
American politician and activist (born 1941)
reform. In April 2017, Sanders introduced a bill that would raise the minimum wage for federal contract workers to $15 an hour, an increase over an earlier
Bernie_Sanders
American data annotation company
United States on military-related projects, and with Qatar to improve the efficiency of its social programs. In June 2025, Meta Platforms spent more than $14
Scale_AI
Second election of Donald Trump
support for student debt relief, and said she supported raising the minimum wage. In response to the housing crisis in the United States, Harris said she
2024 United States presidential election
2024_United_States_presidential_election
Hornsea One Offshore Wind Farm (Amendment) Order 2017 465 The National Minimum Wage (Amendment) Regulations 2017 466 The Individual Savings Account (Amendment
List of statutory instruments of the United Kingdom, 2017
List_of_statutory_instruments_of_the_United_Kingdom,_2017
(Transport Functions) (Wales) Regulations 2021 329 The National Minimum Wage (Amendment) Regulations 2021 330 The Compulsory Electronic Monitoring Licence
List of statutory instruments of the United Kingdom, 2021
List_of_statutory_instruments_of_the_United_Kingdom,_2021
American politician (born 1947)
Shaheen voted against Bernie Sanders's amendment to include a $15/hour minimum wage in the American Rescue Plan Act of 2021. In 2025, Shaheen was one of 12 Senate
Jeanne_Shaheen
the general election, who is running on a platform of raising the minimum wage and repealing school vouchers. Incumbent Democrat Ramon Romero Jr. is running
2026 Texas House of Representatives election
2026_Texas_House_of_Representatives_election
Average measure of the efficiency of production
Productivity is the efficiency of production of goods or services expressed by some measure. Measurements of productivity are often expressed as a ratio
Productivity
End of the historical linkage between gross national product and wages
beginning of the twenty-first century. This problem furthermore leads to wage stagnation for the median despite continued economic growth overall. Mathematically
Decoupling of wages from productivity
Decoupling_of_wages_from_productivity
Revenue service of the U.S. federal government
in 1862: The initial rate was 3% on income over $800, which exempted most wage-earners. In 1862 the rate was 3% on income between $600 and $10,000, and
Internal_Revenue_Service
Governor of Virginia since 2026
Spanberger signed an assault weapons ban, increased the state's minimum wage, vetoed a recreational cannabis retail market and collective bargaining legislation
Abigail_Spanberger
American politician (born 1981)
ranking member, 2025–present) Subcommittee on Delivering on Government Efficiency (2025–present) Subcommittee on Government Operations and the Federal Workforce
Jasmine_Crockett
Governor of Florida since 2019
266 and established the Florida departments of Commerce and Government Efficiency. On May 24, 2023, DeSantis announced his candidacy for the Republican
Ron_DeSantis
Discrimination based on economic factors
higher than the funding of schools in traditionally African American areas. Wage gaps for minorities are also founded in history. Prejudice against women
Economic_discrimination
Era of US history from the 1870s to the late 1890s
European immigrants. The rapid expansion of industrialization led to real wage growth of 40% from 1860 to 1890, spreading across the expanding labor force
Gilded_Age
American politician (born 1969)
convictions related to marijuana. Fetterman supports raising the minimum wage to $15 an hour. In March 2025, Fetterman asked Democrats to talk like "regular"
John_Fetterman
Bicameral legislature of the United States
University Press. ISBN 0-7190-6309-4. Francis-Smith, Janice (October 22, 2008). "Waging campaigns against incumbents in Oklahoma". The Oklahoma City Journal Record
United_States_Congress
Sociological study of social organizations
centralized, but what they lacked in locality they made up for in efficiency. Along with wage dependency and externalities, the growth of industry also played
Organizational_theory
American efficiency engineer and business theorist
operate under expert advice. Emerson uses a wage system which bases remuneration partly upon the "efficiency per cent" of the employee. Standard times are
Harrington_Emerson
Historical economic period during the Industrial Revolution in Britain
questioning its existence. Twenty-first-century technological upheaval and wage stagnation have led economists and academics to draw parallels between the
Engels'_pause
Waiting Days) (Saving Provision) Regulations 2022 382 The National Minimum Wage (Amendment) Regulations 2022 383 The Flood Reinsurance (Amendment) Regulations
List of statutory instruments of the United Kingdom, 2022
List_of_statutory_instruments_of_the_United_Kingdom,_2022
Theory of labor economics
of labor economics that explains how firm behavior, national welfare, and wage negotiations are affected by a group in a more privileged position. The theory
Insider–outsider theory of employment
Insider–outsider_theory_of_employment
Inefficiently allocated markets
studies. However, government policy interventions, such as taxes, subsidies, wage and price controls, and regulations, may also lead to an inefficient allocation
Market_failure
Subarea of optimal tax theory
welfare function subject to these constraints. It faces a tradeoff between efficiency and equity: Higher levels of taxation on the rich create revenue that
Optimal_labor_income_taxation
American business magnate (1863–1947)
fill 100 slots. Efficiency meant hiring and keeping the best workers. Ford astonished the world in 1914 by offering a $5 daily wage ($161 in 2025), which
Henry_Ford
travel, tourism, insurance
EFFICIENCY WAGE
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