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Speaker(s): Professor Orley Ashenfelter
Chair: Professor Lord Layard

Recorded on 28 February 2012 at Sheikh Zayed Theatre, New Academic Building

Real wages measure worker welfare and the cost of labour. After providing some historical background and the basis for their interpretation, Professor Ashenfelter reports the results of a decade long study of wage rates at McDonald's restaurants in over 60 countries.

Orley Ashenfelter is Joseph Douglas Green 1895 Professor of Economics and director of the Industrial Relations Section at Princeton University.

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