Business, Legal & Accounting Glossary
The theory suggests that wages are positively associated with the marginal product or productivity of the worker.
The theory should be subject to the law of diminishing returns. When the salary of a low wage earner is increased, they should be able to improve their nutrition levels, gain additional education and training, and experience higher confidence levels.
Read: “The Economy of High Wages” by Thomas Francis Bayard.
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This glossary post was last updated: 29th March, 2020 | 214 Views.