With Shapiro, this economist names an efficiency wage model that attempts to explainunemployment during equilibrium by assuming firms take on costs to determine worker effort.
With Shapiro, this economist names an efficiency wage model that attempts to explainunemployment during equilibrium by assuming firms take on costs to determine worker effort. InWhither Socialism? this man proposed an alternative to the neoclassical model based off of histheorems with Greenwald on (*) information asymmetry. He argued that inequality fuels economiccrises and uncertainty in his The Price of Inequality, and called the IMF a moral hazard, blaming it forslow growth in developing countries, in Globalization and Its Discontents. For 10 points, name thisformer chief economist at the World Bank, a Columbia professor and pioneer of information economicswho is an outspoken critic of many free trade efforts.
With Shapiro, this economist names an efficiency wage model that attempts to explainunemployment during equilibrium by assuming firms take on costs to determine worker effort.
 Joseph Stiglitz