Republicans tend to talk about the minimum wage in terms of teen-agers with after-school jobs, earning a little money, who could be denied a chance at a practical apprenticeship in the ways of the workforce if their potential employers were forced to pay more.
We pay particular attention to wage in terms of endowment and coefficient effects.
Figure 7 shows the two components of recurrent expenditure - wage and non-wage - in terms of percentage.
If you look at wages measured in terms of cars, toys (ie, how much work you need to do to buy one), then the cost of cars has halved, Summers says.
First, as underscored by Galiani and Somaini in this special collection and Gerchunoff and Llach (2009), in an argument going back to Díaz Alejandro (1970), Argentina's peculiar endowments made protectionism a political winner, as it raised real wages, particularly in terms of food consumption.
A decrease in income tax progressivity, i.e., an increase in the progressivity variable μ i, also raises the wage, as it gives the worker a higher payoff from a before-tax real wage increase in terms of the after-tax real wage.
20ADRZ document, in their Table 1, that high minimum wage states tend to differ from low minimum wage states in terms of unionization, voting patterns, changes in inequality, and the business cycle.
For older workers, EITCs are more effective than a minimum wage both in terms of employment and income.
An important question, of course, is: what happens to the real wage defined in terms of the price of the domestic product (or w/p)?
Note that the coefficient estimates on the control variables fit what is widely known from traditional wage regressions, in terms of both signs and magnitudes.
