365 | Michael Lind: How the Suppression of Wages is Destroying America
The Realignment
00:00
The Adam Smith, J.S. Mill Theory of Wages
Theory of how wages are set is called the marginal revenue productivity theory. It was popularized a hundred years ago by neoclassical economists who hated tradeings and wanted to come up with some kind of wage setting other than the bargaining theory. According to usually both the left and the right, there are only two ways to set prices. They ignore the fact that there's a third method of setting prices: negotiations.
Transcript
Play full episode
