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Always Higher Wages? Efficiency Wage Theory at Wal-Mart

My dissertation thirty years ago used efficiency wage theory, so I’m always interested when it pops up on the radar again. According to today’s New York Times, Wal-Mart has apparently made a U-turn in its management philosophy, going from a labor-cost minimizing strategy to one that emphasizes internal labor markets. More training, more predictability in scheduling and tenure, and climbable job ladders—this is the key, they hope, to reversing a long-term deterioration in performance.
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