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Copyright © Cambridge Political Economy Society

research-article

Institutions, social custom and efficiency wage models: alternative approaches

Lilia Costabile*

*Department of Economic and Social Sciences, University of Naples ‘Federico II’

Abstract

This article reviews some efficiency wage models, and traces their alternative methodological and theoretical foundations. First, a distinction is made between models based on methodological individualism, and models which, by taking the social determination of preferences seriously, go beyond the limitations of that methodology. Second, a ‘contractarian’ and an ‘interactive’ solution are distinguished within the approach of methodological individualism, while a ‘radical’ and an ‘anthropological’ perspective are shown to coexist in the alternative approach. It is argued that the latter models share a more relativistic, less conservative attitude towards institutions and norms, and have interesting policy implications.

Manuscript received June 29, 1992; final version received June 18, 1993.


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