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Wage Setting and the 1919 Black Sox Baseball Scandal

In 1919, the Chicago White Sox Threw the World Series; players had taken bribes from gamblers. Economists use the phrase "efficiency wage" to designate a wage high enough to deter misconduct. This story - told by New York City radio personality Jean Shepherd in the mid-1960s - notes the low wages paid to the players and illustrates the efficiency wage concept. Labor economics instructors may find this tale and video useful.
Length: 09:02

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