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Home » Discuss » Topic Forums » Economy

Catfish

(533 posts) Send PM | Profile | Ignore

Wed Nov-19-03 09:09 PM
Response to Reply #5

6. True

and generally the minimum wage has been below the equilibrium wage for most labor markets. In some ways, it's more symbolic than effective. Also, raising the minimum wage could be, in itself, inflationary. Inflation rises -> minimum wage up -> inflation rises... We could end up seeing a classic wage/price spiral.

In order to see average wages (more important in my opinion than minimum wage) rise, I'd like to see economic policies that encourage productivity gains that can translate into higher earnings for workers.

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