> This assumes that workers are of a fixed quality. I know I worked harder for $10/hour than I did for $7.25. Efficiency wage theory definitely doesn't assume

> This assumes that workers are of a fixed quality. I know I worked harder for $10/hour than I did for $7.25. Efficiency wage theory definitely doesn't assume that. In fact, a big part of the theory revolves around your existing workers becoming more productive. Even if you assume your applicant pool stays the same, you would see less turnover with efficient wages—and hence fewer job openings.