In the early 1900s, Henry Ford introduced a

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Henry Ford famously introduced a high-wage policy, famously known as the $5-a-day wage for his factory workers, which was well above the prevailing wages at the time. This policy is often cited as a real-world example of efficiency-wage theory, which suggests that paying workers higher wages can lead to increased productivity and lower turnover rates, among other positive outcomes. Ford's policy indeed resulted in many of these predicted effects, including attracting a more skilled labor force and increasing worker loyalty and productivity.

In the Early 1900s, Henry Ford Introduced a