Some of the fundamental tenets of conventional economic wisdom, which have had a profound impact on public policy, are challenged in this book. These precepts include the affirmation that low wages are more beneficial that high wages to the process of growth and development; convergence in terms of output per person is just a matter of time; minimum wage laws and trade unions negatively impact on the economy as a whole; pay inequality due to labor market discrimination cannot persist over time; larger firms are typically more efficient than smaller firms; and culture is of little consequence...