Why Wages Don't Fall During a Recession Hardcover – January 1, 1999
Inspire a love of reading with Prime Book Box for Kids
Discover delightful children's books with Prime Book Box, a subscription that delivers new books every 1, 2, or 3 months — new customers receive 15% off your first box. Learn more.
Enter your mobile number or email address below and we'll send you a link to download the free Kindle App. Then you can start reading Kindle books on your smartphone, tablet, or computer - no Kindle device required.
To get the free app, enter your mobile phone number.
This contribution to the growing literature on behavioral macroeconomics threatens to disturb the tranquil state of macroeconomic theory that has prevailed in recent years...Bewley's argument will be hard for conventional macroeconomists to ignore, partly because of the extraordinary thoroughness and honesty with which he evidently conducted his investigation, and the sheer volume of evidence he provides...Although Bewley's work will not settle the substantive debates related to wage rigidity, it is likely to have a profound influence on the way macroeconomists construct models. In particular, the concepts of morale, fairness, and money illusion are almost certain to play a big role in macroeconomic theory. His demonstration that there exist in reality simple, robust behavioral patters that cannot plausibly be founded on traditional maximizing behabior also raises the prospect of a more empirically oriented, more behavioral macroeconomics in the future.
--Peter Howitt (journal of Economic Literature)
I think any scholar interested in labour markets and wage determination should read this well-written, lively, and highly stimulating book...[It] provides a fresh view and a lot of complementary background knowledge about how experienced people in the field see the employment relationship and what is actually crucial. Knowledge of this sort is all too rare in economics, and Truman Bewley's truly impressive study can serve as a role model for future investigations.
--Simon Gächter (Journal of Institutional and Theoretical Economics)
--Robert M. Solow, Nobel Laureate, Institute Professor of Economics, Emeritus, Massachusetts Institute of Technology
- Item Weight : 2.12 pounds
- Hardcover : 544 pages
- ISBN-13 : 978-0674952416
- ISBN-10 : 0674952413
- Publisher : Harvard University Press (January 1, 1999)
- Product Dimensions : 6.75 x 1.75 x 9.75 inches
- Language: : English
- Best Sellers Rank: #3,830,878 in Books (See Top 100 in Books)
- Customer Reviews: