Why Wages Don't Fall During a Recession: ,
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Book Overview
A deep question in economics is why wages and salaries don't fall during recessions. this is not true of other prices, which adjust relatively quickly to reflect changes in demand and supply. Although economists have posited many theories to account for wage rigidity, none is satisfactory. eschewing top-down theorizing, the author explored the puzzle by interviewing - during the recession of the early 1990s - over 300 business executives and labour leaders as well as professional recruiters and advisors to the unemployed. By taking this approach, gaining the confidence of his interlocutors and asking them detailed questions in a nonstructured way, he was able to uncover empirically the circumstances that give rise to wage rigidity. He found that the executives were averse to cutting wages of either current employees or new hires, even during the economic downturn when demand for their products fell sharply.
Format:Hardcover
Language:English
ISBN:0674952413
ISBN13:9780674952416
Release Date:January 1999
Publisher:Harvard University Press
Length:527 Pages
Weight:2.10 lbs.
Dimensions:1.7" x 6.8" x 9.7"
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