27-44

• Δρακόπουλος, Σ. Α.
• Καραγιάννης, Αναστάσιος Δ.

In modern literature, the concept of work effort is used as an additional explanation of involuntary unemployment. In particular, it is assumed that higher wages have a positive effect on work effort and this is the fundamental point of the efficiency wage models of involuntary unemployment. However, as it is often the case, the concept of the workers' effort was not new but it was an idea that can be found in the works of a number of preclassical and classical economists. This paper discusses the conceptual roots of the idea from the late 17th until the middle of the 19th centuries. For instance, there is evidence of the connection between wages, work effort and consumption in the works of North, Hume, Steuart, Smith, Young, Crumpe, Ricardo, Senior, McCulloch, Babbage, Longfield, J.S. Mill and others. The paper also assesses the similarities and differences of their views with current approaches to work effort.

• Economics and Business

• Οικονομική ιστορία

Work Effort, Wage Rate, Pre–classical, classical thought

JEL classification: B11, B12, J2, An earlier version of the paper was presented at The Sixth Annual Conference of the Greek Historians of Economic Thought (Crete, May 2004). We thank the participants of the conference and particularly Thomaw Moutos for his suggestions. The usual disclaimer applies.