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Pastimes : Austrian Economics, a lens on everyday reality

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To: Don Lloyd who wrote (192)	4/24/2003 4:32:43 PM
From: gpowell	Read Replies (1) of 445

A starting point in looking at real wages is determining labor productivity. Add to this that there are high transaction costs for both buyers and sellers in the labor market, with the result being fewer transactions and lower efficiency. Further, much of the the labor market is composed of bilateral monopolies. These two observations would allow for persistent inefficiencies to exist.

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