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[PEN-L:1304] Re: Re: Re: pen-lquestions



At 08:38 4/12/98 -0800, Michael P. wrote:
>I question whether the efficiency wage is a fad.  The idea has origins that
>predate Lester.  During the 1920s, a period which Jim knows very well, the
>"economy of high wages" was considered to be mainstream.  We can also date
>such thought back to Adam Smith.
________

Could you elaborate on the Smith story please. Cheers, ajit sinha



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