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Institutions, Social Custom and Efficiency Wage Models: Alternative Approaches

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  • Costabile, Lilia

Abstract

This article reviews some efficiency wage models and traces their alternative methodological and theoretical foundations. First, a distinction is made between models based on methodological individualism and models which, by taking the social determination of preferences seriously, go beyond the limitations of that methodology. Second, a 'contractarian' and an 'interactive' solution are distinguished within the approach of methodological individualism, while a 'radical' and an 'anthropological' perspective are shown to coexist in the alternative approach. It is argued that the latter models share a more relativistic, less conservative attitude toward institutions and norms and have interesting policy implications. (c) 1995 Academic Press Ltd. Copyright 1995 by Oxford University Press.

Suggested Citation

  • Costabile, Lilia, 1995. "Institutions, Social Custom and Efficiency Wage Models: Alternative Approaches," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 19(5), pages 605-623, October.
    • Handle: RePEc:oup:cambje:v:19:y:1995:i:5:p:605-23
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    Cited by:

    1. Lilia Costabile, 2002. "Riforme istituzionali ed esiti economici: l'evoluzione della "relazione d'impiego" e il ruolo del capitale umano specifico nell'esperienza italiana," Economia politica, Società editrice il Mulino, issue 3, pages 349-362.
    2. Pull, Kerstin, 1999. "What is the fair wage? A model of as-if-co-operation," Quint-Essenzen 58, University of Trier, Institute for Labour Law and Industrial Relations in the European Community (IAAEG).
    3. Spencer, David A, 2000. "The Demise of Radical Political Economics? An Essay on the Evolution of a Theory of Capitalist Production," Cambridge Journal of Economics, Oxford University Press, vol. 24(5), pages 543-564, September.
    4. Green, Francis, 2000. "The Impact of Company Human Resource Policies on Social Skills: Implications for Training Sponsorship, Quit Rates and Efficiency Wages," Scottish Journal of Political Economy, Scottish Economic Society, vol. 47(3), pages 251-272, August.

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