The Importance of Accepting a 50% Pay Cut

Workers with the snow plows would realize, oh, if we want to stay doing this job, we would have to be willing to accept a huge pay cut. Most of them will just quit and go look somewhere else. The workers all get laid off is because they're not willing to take a 50% pay cut. And in fact, the wages end up being higher in real terms than they were before the innovation.