Business, 10.03.2020 09:17 williamvh2001

According to the neoclassical theory of distribution, the real wage earned by any worker equals that worker’s marginal productivity. Let’s use this insight to examine the incomes of two groups of workers: farmers and barbers. a. Over the past century, the productivity of farmers has risen substantially because of technological progress. According to the neoclassical theory, what should have happened to their real wage?

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According to the neoclassical theory of distribution, the real wage earned by any worker equals that...

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