Efficient Wage Dispersion
In market economies, identical workers appear to receive very different wages, violating the "law of one price" of Walrasian markets. We argue in this paper that in the absence of a Walrasian autioneers to coordinate trade": (i) wage dispersion among identical workers is very often an equilibrium phenomenon, (ii) such dispersion is necessary for market economy to function.
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|Date of creation:||1997|
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