景気後退期に賃金が低下しない理由<br>Why Wages Don't Fall during a Recession

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景気後退期に賃金が低下しない理由
Why Wages Don't Fall during a Recession

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  • 製本 Paperback:紙装版/ペーパーバック版/ページ数 576 p.
  • 言語 ENG,ENG
  • 商品コード 9780674009431
  • DDC分類 338

基本説明

New in paperback. Hardcover was published in 2000. A Choice Outstanding Academic Book 2000. YBP Library Services Bestselling Professional Titles, 1st quarter 2000.

Full Description


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.

Table of Contents

Acknowledgments                                    vii
Introduction 1 (19)
Methods 20 (18)
Time and Location 38 (3)
Morale 41 (16)
Company Risk Aversion 57 (13)
Internal Pay Structure 70 (16)
External Pay Structure 86 (24)
The Shirking Theory 110(21)
The Pay of New Hires in the Primary Sector 131(22)
Raises 153(17)
Resistance to Pay Reduction 170(29)
Experiences with Pay Reduction 199(19)
Layoffs 218(45)
Severance Benefits 263(14)
Hiring 277(26)
Voluntary Turnover 303(6)
The Secondary Sector 309(20)
The Unemployed 329(48)
Information; Wage Rigidity, and Labor 377(21)
Negotiations
Existing Theories 398(32)
Remarks on Theory 430(34)
Whereto from Here? 464(7)
Notes 471(6)
References 477(48)
Index 525