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Discussion Paper Details

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Title: Efficiency Wages Versus Insiders and Outsiders

Author(s): Assar Lindbeck and Dennis J. Snower

Publication Date: October 1986

Keyword(s): Efficiency Wages, Insiders, Outsiders, Underbidding and Unemployment

Programme Area(s): Applied Macroeconomics and International Macroeconomics

Abstract: This paper compares two theories of involuntary unemployment: the efficiency-wage theory and the insider-outsider theory. We indicate that one of the central problems in providing microfoundations for the existence of involuntary unemployment is to explain why there is no underbidding, and we compare the two theories in this contex.

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Bibliographic Reference

Lindbeck, A and Snower, D. 1986. 'Efficiency Wages Versus Insiders and Outsiders'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=133