Why Wages Don't Fall During a Recession

Bewley, Truman F.

Published by Harvard University Press, 2002
ISBN 10: 0674009436 / ISBN 13: 9780674009431
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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, Truman Bewley explored the puzzle by interviewing―during the recession of the early 1990s―over three hundred business executives and labor 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. They believed that cutting wages would hurt morale, which they felt was critical in gaining the cooperation of their employees and in convincing them to internalize the managers' objectives for the company. Bewley's findings contradict most theories of wage rigidity and provide fascinating insights into the problems businesses face that prevent labor markets from clearing.

About the Author: Truman F. Bewley is Alfred Cowles Professor of Economics at Yale University.

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Title: Why Wages Don't Fall During a Recession
Publisher: Harvard University Press
Publication Date: 2002
Binding: PAP
Book Condition: New

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Book Description HARVARD UNIVERSITY PRESS, United States, 2002. Paperback. Condition: New. Revised ed.. Language: English . This book usually ship within 10-15 business days and we will endeavor to dispatch orders quicker than this where possible. Brand New Book. 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. They believed that cutting wages would hurt morale, which they felt was critical in gaining the cooperation of their employees, and in convincing them to internalize the managers objectives for the company. Bewley s findings contradict most theories of wage rigidity and provide fascinating insights into the problems businesses face that prevent labour markets from clearing. Seller Inventory # BTE9780674009431

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