Who led Henry fords as an entrepreneur
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Henry Ford was the founder of the Ford Motor Company, which was established in 1903. Show more…
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In 1914 , Henry Ford increased the wage he paid workers in his car factory in Dearborn, Michigan, to $\$ 5$ per day. This wage was more than twice as much as other car manufacturers were paying. Ford was quoted as saying, "The payment of five dollars a day for an eight-hour day was one of the finest cost-cutting moves we ever made." How can paying an above-market wage result in a firm cutting its costs?
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