Question 1 (a) Briefly outline the labour discipline model and provide economic intuition for the model (5 marks) b. Sho

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Question 1 (a) Briefly outline the labour discipline model and
provide economic intuition for the model (5 marks)
b. Show how the equilibrium efficiency wage in the labour
discipline model changes when (i) the government introduces a new
retirement policy that encourages many current workers to retire
early and (ii) firms invest in a more pleasant work
environment (10 marks)
c. How reasonable do you think this model is as a description of
how workers behave and what might be missing? (10 marks)