Whilst the theory of compensating wage differentials proposes an inevitable tradeoff between higher wages and non-wage benefits, the efficiency wage theory suggests otherwise. The empirical evidence ...

Geographic and geopolitical regions that share similarities could also share a currency for greater economic efficiency ... OCA theory and thinking about where the federal minimum wage should ...

Georgetown University economist George Akerlof contributed to the development of the field of behavioral economics when he developed an understanding of efficiency wages as a sort of gift exchange.