In this case they will set wages like a monopolist, which will put wages and employment below efficiency level.

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But the Japanese seem more than willing to continue forgoing some economic efficiency to attain key social and political objectives -- an economy with reasonable growth that provides high wages, stable jobs and a sense of community.

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If productivity, the efficiency of the use of labour, in China was the same as it was in the US then Chinese wages would be the same as they are in the US. Running it backwards, we can look at wages in China.

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