I am asking because in a simple model of perfect competition, you are paid your marginal product of labor, i.e., your productivity. Spence's signalling model of

I am asking because in a simple model of perfect competition, you are paid your marginal product of labor, i.e., your productivity. Spence's signalling model of education is also based on the idea that people are compensated for their productivity. Even in efficiency-wage models, the equilibrium wage is set at the marginal product of labor.