EPISODE · Feb 1, 2021 · 12 MIN
The Invisible (Minimum) Wage
from Vacuous Vocation · host Matthew James Geiger
Wages in economic theory are dependent on the marginal productivity of labor. But a wage can be distinguished by its nominal and real wage. The nominal wage is the amount of monetary units someone receives for their expended labor. The real (invisible) wage is the purchasing power of their ability to buy real goods and services.
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