Sunday, December 06, 2015

The minimum wage has now become the average wage

On Sunday Politics (Yorkshire and Lincolnshire) there was a report from Boston where migrant labour has led to local wage rates plummeting:  http://www.bbc.co.uk/programmes/b01hq1h6

They actually said the minimum wage has now become the average wage.

If you increase the supply of labour the price of labour will fall.

Equally, if you stop the supply of labour the price of labour will rise.

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