BUSINESS

Walmart's Visible Hand

Paul Krugman, Princeton University professor of economics and international affairs, listens to his introduction at a gatheri
Paul Krugman, Princeton University professor of economics and international affairs, listens to his introduction at a gathering in Princeton, after he was announced the winner of the 2008 Nobel Prize in economics Monday, Oct. 13, 2008. (AP Photo/Mel Evans)

A few days ago Walmart, America’s largest employer, announced that it will raise wages for half a million workers. For many of those workers the gains will be small, but the announcement is nonetheless a very big deal, for two reasons.

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