Why did you come to ? http://fittor.fun/filthyway/ filthyway "As man does not live by bread alone, people do not quit only for wages." That line, the concluding one of this paper co-authored by Akerlof and Andrew Rose, is a great summation of the underlying thesis: if you take into account that some people get non-monetary benefits and costs from their jobs, a lot about the labor market (unemployment being mainly involuntary, quit rates being higher when unemployment is low, quit rates falling with job tenure, etc.) starts to make more sense. Akerlof, Rose, and Yellen build a model to illustrate this and check it against empirical evidence.