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A deep question in economics is why wages and salaries don't fall during recessions. This is not true of other prices, which adjust relatively quickly to reflect changes in demand and supply. Although economists have posited many theories to account for wage rigidity, none is satisfactory. Eschewing "top-down" theorizing, Truman Bewley explored the puzzle by interviewing--during the recession of the early 1990s--over three hundred business executives and labor leaders as well as professional recruiters and advisors to the unemployed. By taking this approach, gaining the confidence of his interlocutors and asking them detailed questions in a nonstructured way, he was able to uncover empirically the circumstances that give rise to wage rigidity. He found that the executives were averse to cutting wages of either current employees or new hires, even during the economic downturn when demand for their products fell sharply. They believed that cutting wages would hurt morale, which they felt was critical in gaining the cooperation of their employees and in convincing them to internalize the managers' objectives for the company. Bewley's findings contradict most theories of wage rigidity and provide fascinating insights into the problems businesses face that prevent labor markets from clearing. Table of Contents: Acknowledgments 1. Introduction 2. Methods 3. Time and Location 4. Morale 5. Company Risk Aversion 6. Internal Pay Structure 7. External Pay Structure 8. The Shirking Theory 9. The Pay of New Hires in the Primary Sector 10. Raises 11. Resistance to Pay Reduction 12. Experiences with Pay Reduction 13. Layoffs 14. Severance Benefits 15. Hiring 16. Voluntary Turnover 17. The Secondary Sector 18. The Unemployed 19. Information, Wage Rigidity, and Labor Negotiations 20. Existing Theories 21. Remarks on Theory 22. Whereto from Here? Notes References Index Reviews of this book: In Why Wages Don't Fall During A Recession, [Truman Bewley] tackles one of the oldest, and most controversial, puzzles in economics: why nominal wages rarely fall (and real wages do not fall enough) when unemployment is high. But he does so in a novel way, through interviews with over 300 businessmen, union leaders, job recruiters and unemployment counsellors in the north-eastern United States during the early 1990s recession...Mr. Bewley concludes that employers resist pay cuts largely because the savings from lower wages are usually outweighed by the cost of denting workers' morale: pay cuts hit workers' standard of living and lower their self-esteem. Falling morale raises staff turnover and reduces productivity...Mr. Bewley's theory has some interesting implications...[and] has a ring of truth to it. --The Economist Reviews of this book: This contribution to the growing literature on behavioral macroeconomics threatens to disturb the tranquil state of macroeconomic theory that has prevailed in recent years...Bewley's argument will be hard for conventional macroeconomists to ignore, partly because of the extraordinary thoroughness and honesty with which he evidently conducted his investigation, and the sheer volume of evidence he provides...Although Bewley's work will not settle the substantive debates related to wage rigidity, it is likely to have a profound influence on the way macroeconomists construct models. In particular, the concepts of morale, fairness, and money illusion are almost certain to play a big role in macroeconomic theory. His demonstration that there exist in reality simple, robust behavioral patters that cannot plausibly be founded on traditional maximizing behabior also raises the prospect of a more empirically oriented, more behavioral macroeconomics in the future. --Peter Howitt, journal of Economic Literature Reviews of this book: I think any scholar interested in labour markets and wage determination should read this well-written, lively, and highly stimulating book...[It] provides a fresh view and a lot of complementary background knowledge about how experienced people in the field see the employment relationship and what is actually crucial. Knowledge of this sort is all too rare in economics, and Truman Bewley's truly impressive study can serve as a role model for future investigations. --Simon G'chter, Journal of Institutional and Theoretical Economics To call this book a breath of fresh air is an understatement. The direct insights are fascinating, and Truman Bewley's use of them is sharp and insightful. Labor economists and macroeconomists have a lot to think about. --Robert M. Solow, Nobel Laureate, Institute Professor of Economics, Emeritus, Massachusetts Institute of Technology Truman Bewley set out to conduct a handful of interviews with business executives to gain some theoretical inspiration, and his project blossomed into over 300 interviews with business people, labor leaders and consultants. He is truly the accidental interviewer of economics. Time and again, he found that workers behave like people, not atomistic, selfish economic agents. His insights will engage and enrage economic theorists and empiricists for years to come. --Alan Krueger, Bendheim Professor of Economics and Public Affairs, Princeton University
This book offers a convincing account of the failures of the current approach adopted in the UK for the securing of more equitable arrangements on pay and provides valuable insights into approaches adopted in other parts of the world.
“Rolf shows that raising the minimum wage to $15 is both just and necessary, lest the American dream of middle class prosperity turn into a nightmare” (David Cay Johnston, Pulitzer Prize–winning journalist). Combining history, economics, and commonsense political wisdom, The Fight for $15 makes a deeply informed case for a national fifteen-dollars-an-hour minimum wage as the only practical solution to reversing America’s decades-long slide toward becoming a low-wage nation. Drawing both on new scholarship and on his extensive practical experiences organizing workers and grappling with inequality across the United States, David Rolf, president of SEIU 775—which waged the successful Seattle campaign for a fifteen dollar minimum wage—offers an accessible explanation of “middle out” economics, an emerging popular economic theory that suggests that the origins of prosperity in capitalist economies lie with workers and consumers, not investors and employers. A blueprint for a different and hopeful American future, The Fight for $15 offers concrete tools, ideas, and inspiration for anyone interested in real change in our lifetimes. “The author’s plainspoken approach and stellar scholarship illuminate in-depth discussions about the deliberate policy decisions that began to decimate the middle class at the start of the 1980s as well as the insidious new ways in which big business continues to attack American workers today via stagnant wages, rampant subcontracting, unpredictable scheduling, and other detrimental practices associated with the so-called ‘share economy.’” —Kirkus Reviews “David Rolf has become the most successful advocate for raising wages in the twenty-first century.” —Andy Stern, senior fellow at Columbia University’s Richard Paul Richman Center for Business, Law, and Public Policy
A comprehensive review of evidence on the effect of minimum wages on employment, skills, wage and income distributions, and longer-term labor market outcomes concludes that the minimum wage is not a good policy tool.
Named one of the most important nonfiction books of the 21st century by Entertainment Weekly‚ Slate‚ Chronicle of Higher Education‚ Literary Hub, Book Riot‚ and Zora A tenth-anniversary edition of the iconic bestseller—"one of the most influential books of the past 20 years," according to the Chronicle of Higher Education—with a new preface by the author "It is in no small part thanks to Alexander's account that civil rights organizations such as Black Lives Matter have focused so much of their energy on the criminal justice system." —Adam Shatz, London Review of Books Seldom does a book have the impact of Michelle Alexander's The New Jim Crow. Since it was first published in 2010, it has been cited in judicial decisions and has been adopted in campus-wide and community-wide reads; it helped inspire the creation of the Marshall Project and the new $100 million Art for Justice Fund; it has been the winner of numerous prizes, including the prestigious NAACP Image Award; and it has spent nearly 250 weeks on the New York Times bestseller list. Most important of all, it has spawned a whole generation of criminal justice reform activists and organizations motivated by Michelle Alexander's unforgettable argument that "we have not ended racial caste in America; we have merely redesigned it." As the Birmingham News proclaimed, it is "undoubtedly the most important book published in this century about the U.S." Now, ten years after it was first published, The New Press is proud to issue a tenth-anniversary edition with a new preface by Michelle Alexander that discusses the impact the book has had and the state of the criminal justice reform movement today.
Considers employer exemption from paying certain "portal to portal" employee wages.
As wealth inequality skyrockets and trade union power declines, the living wage movement has become ever more urgent for public policymakers, academics, and – most importantly – those workers whose wages hover close to the breadline. A real living wage in any part of the world is rarely its minimum wage: it is the minimum income needed to cover living costs and participate fully in society. Most governments’ minimum wages are still falling short, meaning millions of workers struggle to cover their living costs. This book brings new, vital insights to the conversation from a carefully selected group of contributors at the forefront of this field. By juxtaposing advances across sectors and countries, and encompassing many different approaches and indeed definitions of the living wage, Dobbins and Prowse offer a rich tapestry of approaches that may inform public policy. By including the experiences and voices of those workers earning at, or near, the living wage alongside the opinions of leading experts in this field, this book is a pioneering contribution for public policymakers as well as students and academics of work and employment relations, public policy, organizational studies, social economics, and politics.