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Wages and Incentive Pay

In: Labour Economics and Public Policy Managing the Labour Markets for Competitiveness

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  • Soon Beng Chew

Abstract

Throughout much of this book, we assume that every agreement in the labour market will be honoured. For instance, in the competitive labour market, the equilibrium wage and employment are WC and EC respectively as shown in Figure 6.3 of Chapter 6. Workers will get paid WC and each worker will produce VMP according to the figure. In other words, no one shirks the work duties. This means that the unit labour cost (ULC) is always equal to one at J. However, some employees do put in less effort than they are supposed to if they know they would not be caught. This problem of shirking will lead to a rise in value of ULC…

Suggested Citation

  • Soon Beng Chew, 2017. "Wages and Incentive Pay," World Scientific Book Chapters, in: Labour Economics and Public Policy Managing the Labour Markets for Competitiveness, chapter 8, pages 105-121, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789813202238_0008
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    More about this item

    Keywords

    Labour Market Competitiveness; Labour Unions; Macro-Focused Union; Union Social Responsibility; Union as a Public Good;
    All these keywords.

    JEL classification:

    • J08 - Labor and Demographic Economics - - General - - - Labor Economics Policies

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