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Politics : Formerly About Advanced Micro Devices

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Brumar89

To: TimF who wrote (856210)	5/12/2015 1:05:36 AM
From: i-node	1 Recommendation of 1576163

Excellent article. Totally debunks the CJ School of Economics which has tried to tell us exactly what Ford did. That somehow, magically, by paying his employees more they would thus be able to buy his cars making him wealthier. That was silly. What mattered is that Ford was facing 10% absenteeism which meant keeping the assembly line moving was essentially chronic problem. After increasing the wage, absenteeism dropped to less than 1%. Problem solved. There has never been a better example of labor markets functioning precisely as everyone knows they should. They [automakers] weren't responding to demand for labor with increased wages. Until Ford did it, had great results, and the others followed suit. Anyway, really good article.

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