Wage Setting and the 1919 Black Sox Baseball Scandal

In 1919, the Chicago White Sox Threw the World Series; players had taken bribes from gamblers. Economists use the phrase "efficiency wage" to designate a wage high enough to deter misconduct. This story - told by New York City radio personality Jean Shepherd in the mid-1960s - notes the low wages paid to the players and illustrates the efficiency wage concept. Labor economics instructors may find this tale and video useful.

More Topics from "Videos"

• Chicago Cubs vs White Sox Crosstown Classic this Friday on WGN
• Obama Can't Name Any ChiSox Players?
• White Sox Pitcher Freddy Garcia Drunk at Sox Fest 2010 Bashing the Cubs
• Michael Jordan - 1994-04-07 - White Sox vs. Cubs
• "Go Go White Sox" 2009
• Chicago White Sox 2009 Intro
• Frank Thomas's first Major League Baseball game/at bat White Sox vs. Brewers August 2, 1990
• MLB 09 The Show Chicago White Sox Montage HD
• White Sox Pitcher John Danks on Mark Buehrle's taunts