THE PAKISTAN DEVELOPMENT REVIEW
Efficiency Wage Hypothesis—The Case of Pakistan
The goal of this section is to point out the observed difficulties with the classical/neoclassical theory of labour markets. According to classical and neoclassical economics, the labour market is a market like any other market. The equilibrium wage is determined by the intersection of the supply and demand for labour.
Asad Zaman, Syed Kanwar Abbas
Pakistan Institute of Development Economics
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