@techreport{Naqvi2011Efficiency,
abstract = {An economy's production set is the collection of all net output vectors that the economy is capable of producing with a given technology and fixed quantities of primary factors of production. The boundary of this set is called the production possibility frontier or PPF. We show that, if the efficiency-wage hypothesis holds, a country's PPF, though conceptually valid, is an operationally irrelevant concept, because the economy never operates on the PPF, which is a view that ought to be appreciated in light of persistent unemployment in the new structure of economies of the post-21st-Century-crisis world.},
address = {Marburg},
author = {Nadeem Naqvi and Carolin V. Sch\"{u}rg},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {A20; D50; E23; F11; J23; J31; 330; general equilibrium; production set; production possibility frontier; efficiency wage; economic policy; labor market; Technische Effizienz; Allgemeines Gleichgewicht; Effizienzlohn; Arbeitslosigkeit; Wirtschaftspolitik; Theorie},
language = {eng},
number = {46-2011},
publisher = {Univ., Dep. of Business Administration & Economics},
title = {Efficiency-wage hypothesis and the operational production pattern},
type = {Joint discussion paper series in economics},
url = {http://hdl.handle.net/10419/56538},
year = {2011}
}
