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Labor Contracts as Partial Gift Exchange

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  • George A. Akerlof
Abstract
This paper explains involuntary unemployment in terms of the response of firms to workers' group behavior. Workers' effort depends upon the norms determining a fair day's work. In order to affect those norms, firms may pay more than the market-clearing wage. Industries that pay consistently more than the market-clearing wage are primary, and those that pay only the market-clearing wage are secondary. Thus, this paper also gives a theory for division of labor markets between primary and secondary.

Suggested Citation

  • George A. Akerlof, 1982. "Labor Contracts as Partial Gift Exchange," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 97(4), pages 543-569.
    • Handle: RePEc:oup:qjecon:v:97:y:1982:i:4:p:543-569.
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    File URL: http://hdl.handle.net/10.2307/1885099
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