Personal Experiences,Study, Learning Blog of Abu Rashid aka Harun

BERTRAND RUSSELL, the British philosopher, was not a fan of work. In his 1932 essay, “In Praise of Idleness”, he reckoned that if society were better managed the average person would only need to work four hours a day. Such a small working day would “entitle a man to the necessities and elementary comforts of life.” The rest of the day could be devoted to the pursuit of science, painting and writing.
http://www.economist.com/blogs/freeexchange/2013/09/working-hours

Efficiency wage theory is the idea that firms may permanently hold to a real wage greater than the equilibrium wage.

Efficiency wages are wages that are higher than the market equilibrium. Firms that pay efficiency wages could lower their wages and hire more workers, but choose not to do so.
Some reasons that managers might choose to pay efficiency wages are to avoid shirking, reduce turnover, and attract productive employees.


Source: Boundless. “Efficiency Wage Theory.” Boundless Economics. Boundless, 21 Jul. 2015. Retrieved 21 Oct. 2015 from https://www.boundless.com/economics/textbooks/boundless-economics-textbook/unemployment-22/understanding-unemployment-104/efficiency-wage-theory-397-12494/