Human Agency and Material Welfare: Revisions in Microeconomics and their Implications for Public Policy

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Challenging conventional economic wisdom, this book critiques widely accepted beliefs that low wages foster growth, convergence in output is inevitable, and that minimum wage laws harm the economy. It questions the efficiency of larger firms compared to smaller ones and dismisses the significance of culture in economic development. The author contends that these notions stem from unrealistic assumptions about economic behavior, prompting a reevaluation of the relationship between wages, market dynamics, and social factors in shaping economic outcomes.