
Efficiency Wage Models of the Labor Market
George A. Akerlof, Janet L. Yellen, Akerlof
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by George A. Akerlof, Akerlof George a.
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These essays explore what happens when a skilful economist makes unconventional assumptions. Economic theory has traditionally relied upon a tacit and 'classical' set of assumptions that have gradually acquired a life of their own in defining how economists write and how they justify economic models. Similarly, these assumptions have acquired an autonomous character: they guide the way economists think about the world.
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