The minimum wage and youth unemployment across the European Union
11 Apr 2015 5 Comments
in labour economics, minimum wage, unemployment Tags: Eurosclerosis, youth unemployment
When will the New Zealand living wage exceed the median wage?
09 Apr 2015 Leave a comment
in labour economics, minimum wage, politics - New Zealand Tags: Leftover Left, living wage
The Left over Left have increased the living wage in New Zealand to $19.25 per hour for 2015. This increase was after a living wage of $18.80 for 2014 and $18.40 for 2013.
This latest increase increases the living wage by 2.39%, which is faster than the 1.7% increase in the median wage last year. This means sooner or later the living wage will grow to exceed the median wage in New Zealand.
Sources: New Zealand Income Survey 2014 and Living Wage Movement.
If both the median and living wage is continuing to increase at the most recent year’s rates, as shown in the above graph, the overtaking point will be 2037.
According to the calculations of the Living Wage movement, earning the living wage in a full-time job in New Zealand with a second earner in the household working only 20 hours affords their two children, including a teenager, Sky TV, pets, international travel, video games and 10 hours childcare.
What if McDonald’s workers were paid $15 per hour
06 Apr 2015 Leave a comment
in industrial organisation, labour economics, labour supply, minimum wage, occupational choice, survivor principle Tags: activists, compensating differentials, do gooders, Leftover Left, living wage
Why Did Wal-Mart Raise Its Wages?
03 Apr 2015 Leave a comment
in industrial organisation, labour economics, labour supply, minimum wage, politics - USA, survivor principle Tags: Paul Krugman, supply and demand, Walmart
Why Did Walmart Raise Its Wages?
forbes.com/sites/realspin… http://t.co/0LRQQcKGKm—
Benn Steil (@BennSteil) April 02, 2015
The retail sector quits rate, the number of people quitting jobs as a per cent of total employment, is also considerably higher than the quits rate in the private sector broadly: 2.9% versus 2.2%.
Not surprisingly, Gap and Ikea have made wage-hike announcements similar to Wal-Mart’s. Retailers are clearly having more and more trouble finding and keeping workers at the federal minimum wage.
In short, Krugman’s story of Wal-Mart raising wages in response to political pressure simply flies in the face of the evidence. Wal-Mart is just being Wal-Mart: making a rational decision to lure and retain workers in a tightening retail labour market through greater compensation.
The problem with ignoring this evidence is that it encourages the notion that we can make wages, in Krugman’s words, “a political choice,” with no concern for its effect on employment.
The Greens are determined to increase youth unemployment in New Zealand
01 Apr 2015 Leave a comment
in labour economics, minimum wage, politics - New Zealand, unemployment
Source: Short-Term Labour Market Statistics : Harmonised Unemployment Rates (HURs).
In New Zealand during June 1987–2014, unemployment rates were consistently higher for younger people aged 15–19 years than other age groups. Rates were lower for each age group, with those aged 45–49 years having the lowest). In the year ending June 2014, annual unemployment rates were 22.5% for those aged 15–19 years and to 11.7% for those aged 20–24 years – Child Poverty Monitor: Technical Report.
The time is not right, as they say, for New Zealand to increase its minimum wage rates after a sharp spike in the unemployment rates of youth and in particular of teenagers after the Global Financial Crisis.
The downtrodden low paid workers are experiencing the fastest wages growth
29 Mar 2015 Leave a comment
The European minimum wage measured with the Big Mac index
27 Mar 2015 Leave a comment
in minimum wage Tags: Big Mac index, Eurosclerosis
Portugal's new minimum wage buys you 1.1 Big Macs – how that compares to other countries: theguardian.com/news/datablog/… http://t.co/0BHAfgRhHe—
Alberto Nardelli (@AlbertoNardelli) September 25, 2014
Who has the highest minimum wage in purchasing power parity terms?
05 Mar 2015 Leave a comment
in labour economics, minimum wage, politics - Australia, politics - New Zealand, politics - USA Tags: minimum wage, purchasing power parity
More on union hypocrisy and the living wage
26 Feb 2015 Leave a comment
in labour economics, minimum wage, unions Tags: Left-wing hypocrisy, living wage
The Fabian economics of the minimum wage
25 Feb 2015 Leave a comment
in history of economic thought, labour economics, minimum wage Tags: eugenics, Fabian Society, Sydney Webb
HT: fee.org
Who benefits from a minimum wage increase in the USA
17 Feb 2015 Leave a comment
in applied welfare economics, labour economics, minimum wage, politics - New Zealand, politics - USA Tags: poverty and inequality
HT David_Boaz’s Tweet – https://twitter.com/David_Boaz/status/477910953548197888?s=09
The first Paul Krugman on efficiency wage arguments for a higher minimum wage
09 Feb 2015 Leave a comment
in labour economics, minimum wage, politics - Australia, politics - New Zealand, politics - USA, poverty and inequality Tags: George Bush derangement syndrome, living wage, Paul Krugman, public intellectuals
HT: economistsview
Utopia, you are standing in it! 
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