Sports is an example where you see that the wages are inpay is often determined by productivity, right? When things rdone in a team, it's often hard to ascribe the outcome to any one person. But of course, a great football coach or a great baseball general manager understands has some non easily quatified ways of figuring out whose contributing may not always be accurate. That's not literally there in the workplace. You know how many hours people are in the office sometimes, but you don't always know what they actually contribute.
Economist and author David Henderson talks about his book (co-authored with Steve Globerman) The Essential UCLA School of Economics with EconTalk host Russ Roberts. Much of the conversation focuses on the work of Armen Alchian and Harold Demsetz, who both saw economics as a powerful tool for understanding human behavior and how the world works.