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A range theory of wage differentials

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  • Richard A. Lester
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    Abstract

    The unsatisfactory nature of traditional wage theory as an explanation for interfirm differences in wages is probably so well known as to need no comment. Less obvious, however, has been the nature of the analysis that could be substituted in its place. Drawing upon the empirical studies of labor markets made by, among others, Myers, Shister, Reynolds, Shultz, and himself, Professor Lester advances the hypothesis that theoretical analysis of wage structures must recognize and explain a range of wage rates as the normal characteristic of the labor market, rather than the one rate postulated by older theory as the sine qua non of equilibrium. Richard A. Lester is professor of economics, Princeton University. (Author's abstract courtesy EBSCO.)

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    Bibliographic Info

    Article provided by ILR Review, Cornell University, ILR School in its journal ILR Review.

    Volume (Year): 5 (1952)
    Issue (Month): 4 (July)
    Pages: 483-500

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    Handle: RePEc:ilr:articl:v:5:y:1952:i:4:p:483-500

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    Cited by:
    1. Bertrand, M. & Mullainathan, S., 1998. "Is there Discretion in Wage Setting? A Test Using Takeover Legislation," Papers 203, Princeton, Woodrow Wilson School - Public and International Affairs.
    2. Martins, Pedro S. & Esteves, Luiz A., 2006. "Is There Rent Sharing in Developing Countries? Matched-Panel Evidence from Brazil," IZA Discussion Papers 2317, Institute for the Study of Labor (IZA).
    3. John W. Budd & Jozef Konings & Matthew J. Slaughter, . "International Rent Sharing in Multinational Firms," Working Papers 0202, Human Resources and Labor Studies, University of Minnesota (Twin Cities Campus).
    4. Budd, John W. & Konings, Jozef & Slaughter, Matthew J., 2002. "Wages and International Rent Sharing in Multinational Firms," IZA Discussion Papers 560, Institute for the Study of Labor (IZA).
    5. Hirsch, Barry & Kaufman, Bruce E. & Zelenska, Tetyana, 2011. "Minimum Wage Channels of Adjustment," IZA Discussion Papers 6132, Institute for the Study of Labor (IZA).
    6. repec:fth:prinin:406 is not listed on IDEAS
    7. Erica L. Groshen, 1988. "Why do wages vary among employers?," Economic Review, Federal Reserve Bank of Cleveland, issue Q I, pages 19-38.
    8. Martins, Pedro S., 2004. "Rent Sharing Before and After the Wage Bill," IZA Discussion Papers 1376, Institute for the Study of Labor (IZA).
    9. Jože P. Damijan & Luca Marcolin, 2013. "Global firms and wages: is there a rent sharing channel?," Working Papers 164, European Bank for Reconstruction and Development, Office of the Chief Economist.

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