Wages aren't necessarily determined by the market

07/18/2013 | Harvard Business Review online

Pay levels are controlled as much by custom and societal pressures as they are by economic forces, Justin Fox writes. Wal-Mart and McDonald's, for instance, are encountering problems while trying to adhere to their low-wage models, because their pay rates no longer align with the cultural expectations of the areas in which they operate, he writes.

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