An Efficiency-Wage-Hours Model and Shorter Working Hours
An efficiency-wage-hours model is constructed in which the production technology allows for efficiency effects of wages and working hours. Under or overemployment in hours as seen from the point of view of firms is considered. The effects of shorter standard working hours on the wage rate, actual working hours and employment among other things are analysed in an economy with efficiency-wage setting. It is shown that the possibility of overtime work and the elasticity of work effort with respect to working hours is crucial to the results. Finally, it is shown that the traditional trade-off between wages and employment doesn't occur in all situations. Copyright 1991 by Scottish Economic Society.
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Volume (Year): 38 (1991)
Issue (Month): 2 (May)
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