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Pareto Inefficiency of Market Economies: Search and Efficiency Wage Models

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Author Info
Bruce Greenwald
Joseph E. Stiglitz

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Abstract

This paper shows that market economies with search and in which wages are affected by efficiency wage considerations are not constrained Pareto efficient. Wages are not set at Pareto efficient levels, nor is the level of employment (unemployment) Pareto efficient. We identify the nature of the biases and the welfare improving government interventions.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 2651.

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Date of creation: Apr 1989
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Handle: RePEc:nbr:nberwo:2651

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Hosios, Arthur J, 1984. "A Welfare Analysis of Employment Contracts with and without Asymmetric Information," Review of Economic Studies, Blackwell Publishing, vol. 51(3), pages 471-89, July. [Downloadable!] (restricted)
  2. Pissarides, Christopher A, 1984. "Search Intensity, Job Advertising, and Efficiency," Journal of Labor Economics, University of Chicago Press, vol. 2(1), pages 128-43, January. [Downloadable!] (restricted)
  3. Arnott, Richard J & Stiglitz, Joseph E, 1985. "Labor Turnover, Wage Structures, and Moral Hazard: The Inefficiency of Competitive Markets," Journal of Labor Economics, University of Chicago Press, vol. 3(4), pages 434-62, October. [Downloadable!] (restricted)
  4. Greenwald, Bruce C & Stiglitz, Joseph E, 1986. "Externalities in Economies with Imperfect Information and Incomplete Markets," The Quarterly Journal of Economics, MIT Press, vol. 101(2), pages 229-64, May. [Downloadable!] (restricted)
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. John Knight & Linda Y. Yueh, 2003. "Job Mobility of Residents and Migrants in Urban China," Economics Series Working Papers 163, University of Oxford, Department of Economics. [Downloadable!]
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  2. François Contensou & Radu Vranceanu, 1998. "A model of working time under utility competition in the labor market," Journal of Economics, Springer, vol. 67(2), pages 145-166, June. [Downloadable!] (restricted)
  3. Giulio Palermo, 2005. "Misconceptions of Power: From Alchian and Demsetz to Bowles and Gintis," Working Papers ubs0510, University of Brescia, Department of Economics. [Downloadable!]
  4. Jim Taylor & Jill Johnes, 1992. "The Citation Record of Regional Studies and Related Journals, 1980--89," Regional Studies, Taylor and Francis Journals, vol. 26(1), pages 93-97, January. [Downloadable!] (restricted)
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