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

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Challenging conventional economic wisdom, the author critiques widely accepted beliefs that influence public policy, such as the notion that low wages drive growth, and that minimum wage laws harm the economy. The book argues against the idea that pay inequality is temporary and that larger firms are inherently more efficient. It highlights the unrealistic behavioral assumptions about economic agents that underpin these claims, suggesting a reevaluation of the relationship between culture and economic development.