Summary #2 The lecturer questions the traditional custom of secrecy of payment. Usually, we don’t know how much our colleagues are paid. The lecturer points out that there is an information asymmetry between employer and employees, and it causes market failure. He mentions that employers can get benefit from this situation, because they can easily reject pay raise requests from their workers. He introduces two statistics. The one is that two thirds of 70,000 employee in the US in 2015 felt that they were underpaid, even though they didn’t know how much their colleagues were paid. The other is that in 2011 females received 23% less salary than males did. Then, the lecturer suggests that we should introduce the payment transparency which makes employees know others’ salary. He supports this idea with mentioning that in the companies with the payment transparency employees worked harder, were more engaged, and were less likely to quit.