Assume a job requires no on-the-job training and worker skills do not increase with the simple passage
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Assume a job requires no on-the-job training and worker skills do not increase with the simple passage of time. If the present value of the wage payments were the same, why might the worker prefer being paid less than the value of their marginal product at the beginning of their career and greater than the value of the marginal product at the end of their career, as opposed to being paid their value of the marginal product every year?
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