I actually majored in econ :) It was extremely useful in fact. But I don't recall hearing this wage theory, possibly because it deals with a semi-irrational asp

I actually majored in econ :) It was extremely useful in fact. But I don't recall hearing this wage theory, possibly because it deals with a semi-irrational aspect of wages. Econ historically wasn't good at irrational things. (Using irrational in the strictly literal, econ sense) We did talk about wage stickiness, and this is related.