Image: Efficiency wage Shapiro Stiglitz

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Description: Efficiency wage chart based on Sharpiro and Stiglitz (1984) "[Equilibrium Unemployment as a Worker Discipline Device" in the American Economic Review. Chart also draws from the interpretation in Brian Snowdon and Howard Vane (2005) Modern Macroeconomics. The chart represents the Shapiro-Stiglitz model of efficiency wages. The model shows employment below the full employment level and the wage is found at the intersection of the demand for labor and the no-shirking condition. The wage is higher than it would be at full employment.]
Title: Efficiency wage Shapiro Stiglitz
Credit: Own work
Author: Bkwillwm
Usage Terms: Creative Commons Attribution-Share Alike 3.0
License: CC BY-SA 3.0
License Link: https://creativecommons.org/licenses/by-sa/3.0
Attribution Required?: Yes

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Joseph Stiglitz

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