Capital gain, real wages and labor efficiency in the manufacturing sector in Colombia

Main Article Content


Jhon Alexander Méndez Sayago


This paper aims to find empirical evidence on the positive relationship that is woven between wages and labor productivity for the Colombian manufacturing industry. This relationship is based onthe theory of nutritional status of Leibstein (1957) as well as the conjecture of the relationship between wages and the value of the labor force of Marx (1946). To this purpose a production function augmented on wages with panel data was estimated and found the wage of production operative and laborer affects their productivity. With the wage elasticity estimated the effect on the benefits of a policy increase of 1 % of salary was simulated. It was found that 61.5 % of the sectors improve their profits with this policy


Article Details


By submitting articles for evaluation, the author agrees to transfer the publishing rights to Revista Apuntes del CENES for publishing in any format or mean and that the attached partial use license will be signed. To increase their visibility, documents are sent to databases and indexing systems also can be viewed on the website and Redalyc - EBSCO - ProQuest - EconLit - DOAJ -  Scielo - Dialnet - ESCI(WoS) - Latindex  - DOTEC - REPECERIH PLUS - The WZB library -  Actualidad Iberoamericana  -   Publindex  - VCU -  Econpapers - EconBib - Bibilat  -  REDIB  -   Crossref - Worldcat -  CLASE - SHERPA ROMEO - Academia - EconBiz - Socionet - Vlex

The journal is under licence Attribution-NonCommercial-ShareAlike 4.0 International (CC BY-NC-SA 4.0)

For CC licenses, the principle is the creative freedom. This system complements the copyright without oppose it. The content of the items is the responsibility of each author, and does not compromise in any way, magazine or institution.

Publishing and reproduction of titles, abstracts and full content for academic, scientific, cultural and nonprofit purposes is allowed, when the respective source is acknowledged. This work cannot be used for commercial purposes.

Apuntes del Cenes is an open access journal which means that all content is freely available without charge to the user or his/her institution. Users are allowed to read, download, copy, distribute, print, search, or link to the full texts of the articles, or use them for any other lawful purpose, without asking prior permission from the publisher or the author. This is in accordance with the BOAI definition of open access.

Apuntes del Cenes  does not charge authors for submission or publication

Form 6 Copyright Transfer Form

When sending an article to submit to the Apuntes del CENES journal, the author(s) certify and accept:

1.That the article has not been accepted for evaluation in another journal, nor has it been published.
2.That, in case a publication of a previous version as a working paper (or 'gray literature') has been reported on a website, and that, in the case of publication being accepted, it will be removed from the Internet site, where
will leave only the title, abstract, keywords and hyperlink to the journal.

That once published in Apuntes del CENES will not be published in another magazine.


Aigbokhan, B. (2011). Efficiency wage, rent-sharing theories and wage determination in the manufacturing sector in Nigeria. African Economic Research Consortium AERC, (222). Retrieved from eff iciency-wage- rent-shar ing-theor ies-and-agedetermination- in-the-manufacturing-sector-in-nigeria

Akerlof, G. & Yellen, J. (1990). The fair wage-effort hypothesis and unemployment. Quarterly Journal of Economics, 105(2), 255-283.

Altman, M. (2007). Effort Discretion and Economic Agency and Behavioral Economics: Transforming Economic Theory and Public Policy. En F. Roger, Renaissance in behavioral economics Harvey Leibenstein’s impact of contemporary economic analysis. New York:Routledge.

Álvarez, I. & Luengo, F. (2011). Competitividad y costes laborales en la UE:más allá de las apariencias. En ICEI Working Papers. Recuperado de http://

Bowles, S. (2004). Microeconomics: behavior, institutions and evolution. New Jersey: Princeton University Press.

Bulow, J. & Summers, L. (1986). Atheory of dual labor markets with application to industrial policy, discrimination and Keynesian unemployment. Journal of Labor Economics, (4), 377-414.

Calvo, G. (1979). Quasi-Walrasian theories of unemployment. American Economic Review,(69), 102-107.

Caraballo, P (1996). Salarios, productividad y empleo: la hipótesis de los salarios deeficiencia. Revista Cuadernos de Estudios Empresariales, 6, 106-127.

Chand, J. (2006). Tests of the Solow efficiency wage model using Australian aggregate industry and macroeconomic time series data. Thesis accepted for the award of the degree of Doctor of Philosophy. Sydney: School of Economics at the University of New South Wales.

Departamento Nacional de Planeación DNP (2000). Una mirada al mercado laboral colombiano. Santafé de Bogotá. Recuperado de s_Divulgacion_Economica/BDE_2_empleo.pdf

Desormeaux, N. (2010). Salarios de eficiencia y productividad. Documento de trabajo, Universidad Técnica Federico Santamaría.Recuperado de tudios /Desempleo/Documento%20 de%2 0Tr a b a jo%2 0-%20Sa l a r ios%20 de%20Ef i ci enc i a%20 y%2 0Productividad.pdf

Díaz, M. & Sánchez, R. (2008). Firm size and productivity in Spain: a stochastic frontier analysis. Small Business Economics, 30(3), 315 23.

Díaz, C., Gamboa,V., Romero,C., & Novoa, O. (2008). La influencia del crecimiento económico en los salarios: Colombia periodo 1975-2005. Finanzas y Política económica, 2(1), 3-22.

Eaton, C.&White,W. (1982).Agent compensation and the limits of bonding. Economic inquiry, 20, 330-43.

Esteves, L. (2008). Salário eficiência e esforço de trabalho: evidências da indústria brasileira de construção. Economia, Associação Nacional dos Centros de Pósgraduação em Economia, 9(2), 327-341. Recuperado de

Farne, S. & Nupia, O. (1998). Costos laborales, productividad, competitividad y empleo. Mimeo empleo un desafío para Colombia, documento preliminar OIT.

Ferdushi, K., Baten, M., Kamil,A. &Mustafa,A. (2011).Wage augmented stochastic frontier model with truncated normal distribution. International Journal of Physical Sciences, 6(14), 3288 3295.

Foladory, G. & Melazzi, G. (2009). La economía de la sociedad capitalista y sus crisis recurrentes. Universidad de la República, Montevideo. Comisión Sectorial de Extensión y Actividades en el Medio (CSEAM). Recuperado de apitalista.pdf

Fonseca, F. & Magallón, J. (2007, 21-25 de mayo). Un análisis de los factores que inciden sobre la desigualdad salarial en Jalisco. En: XVII Coloquio Mexicano de Economía Matemática y Econometría. Universidad de Quintana Roo Chetumal, Quintana Roo, México. Recuperado de Fonseca.pdf

González, C. (2008). Los salarios de eficiencia, una vía para accionar positivamente sobre la productividad del trabajo en Cuba. Tesis en opción al Grado de Master en Economía. La Habana: Facultad de Economía, Universidad de La Habana.

Greenwald, B.&Stiglitz, J. (1986). Externalities in economies with imperfect information and incomplete markets. Quarterly Journal of Economics, 101(2), 229-264.

Guasch, J. &Weiss, A. (1980).Wages as a sortingmechanismin competitivemarkets with asymmetric information: A theory of testing. Review of Economic Studies, 47, 653-664.

Haddad, L. & Bouis, H. (1991). The impact of nutritional status on agricultural productivity:Wage evidence from the Philippines. Oxford Bulletin of Economics and Statistics, 53 (1), 45-68.

Iregui,A., Melo, L. & Ramírez, M. (2010). Incrementos y rigideces de los salarios en Colombia: Un estudio a partir de una encuesta a nivel de firma. Revista de Economía del Rosario, 13 (2), 279-311.

Leibenstein, H. (1957). Economic backwardness and economic growth. New York: Wiley.

Leibenstein, H. (1968). Entrepreneurship and development. American Economic Review, 58, 72-78.

Lin, C. & Lai, C. (1994). The turnover costs and the Solow conditions in an efficiency wage model with intertemporal optimization. Economics Letters, 45, 501-505.

Martínez, J. (2005). Salarios, precios y productividad, una aproximación al valor de la fuerza de trabajo en México. Análisis Económico, XX(44), 63-91.

Marx, K. (1946). El capital: crítica de la economía política, Tomo 1. México: Fondo de Cultura Económica.

Montesinos, M. (2000). La dinámica salarios-productividad y el desarrollo económicode El Salvador. Revista Realidad. Recuperado de micasalarios.pdf

Rana, M., Baten, A. & Kamil, A. (2010). Astochastic frontier approach for empirical tests of efficiency wage models. ScientificResearch and Essays, 5(11), 1234- 1242.

Rodríguez, M. (2009). Salarios de eficiencia en unmodelo de crecimiento económico. Documentos de Trabajo, Facultad de Economía de la Universidad del Rosario, (62), 23. Recuperado de documentos/pdf/dt62.pdf

Romaguera, P. (1991). Wage differentials and efficiency wage models: Evidence from the chilean economy. Working Paper Kellog Institute, (153). Retrieved from

Romer, D. (2002). Macroeconomía avanzada. (2 ed.). Madrid: McGraw Hill.

Salop, S. (1979). A model of the natural rate of unemployment. The American Economic Review, 69 (1), 117-125.

Sánchez, F. & Núñez, J. (1998). Educación y salarios relativos en Colombia, 1976-1995: determinantes, evolución e implicaciones para la distribución del ingreso. Archivos de Macroeconomía Departamento Nacional de Planeación, (74). Recuperado de _Economia/74.pdf

Sánchez, R. (1997). Productividad y desempleo: un estudio a través de salarios de eficiencia. Estadística española, 39(142), 185-205.

Saygili, S. (1998). Is the efficiency wage hypothesis valid for developing countries? Evidence from the Turkish cement industry. Studies in Economics, (9810). Retrieved from

Shapiro, C. & Stiglitz, J. (1984). Equilibrium unemployment as a worker discipline device. American Economic Review, 74, 433-444.

Smith, A. (1937). An inquiry into the nature and causes of the wealth of nations. New York: The Modern Library.

Stiglitz, J. (1976). The efficiency wage hypothesis, surplus labur and the distribution of income in LDCs. Oxford Economic Papers, 28, 185 207.

Valdés, B. (1979). Valor precio y plusvalor ganancia enMarx (I). El Basilisco, 8, 38-48.

Venegas F. & Rodríguez A. (2009). Exogeneidad de la rigidez salarial en la Nueva Economía Keynesiana. Análisis Económico, Núm. 55, vol. XXIV, pág. 303-326.

Wadhwani, S. &Wall, M. (1991). Adirect test of the efficiency wage model using uk micro-data. Oxford Economics Papers, 43, 529-548.


Download data is not yet available.