second column fraction of US wage
us 1 / canada .93 /china.11 /india .06 /japan1.01/
eastern european average .25
western european average 1.29
middle east average .13
latin american average .14
"There are three obvious, dramatic conclusions... First, the developed countries, including the US, Canada, Japan, and Western Europe have quite similar wage rates, whether measured in dollars or in BMPH. In these countries a worker earned between 2 and 3 Big Macs per hour of work... A second conclusion is that the vast majority of workers, including those in India, China, Latin America, and the Middle East earned about 10% as much as the workers in developed countries, although the BMPH comparison increases this ratio to about 15%, as would any purchasing-power-price adjustment. Finally, workers in Russia, Eastern Europe, and South Africa face wage rates about 25 to 35% of those in the developed countries, although again the BMPH comparison increases this ratio somewhat. In sum, the data provide transparent and credible evidence that workers doing the same tasks and producing the same output using identical technologies are paid vastly different wage rates." ...
"
"the most important factor determining wages for most of us "
"is not our personal skills and human capital, or our effort and initiative,"
"but whether we are using those skills and human capital in the context of a a high-productivity or a low-productivity economy."
the context of a a high-productivity or a low-productivity economy
the context of a a high-productivity or a low-productivity economy
the context of a a high-productivity or a low-productivity economy
get it ?
its everything you need to know b4 you examine forex tables
in a system of fair trade
these regional
ABSOLUTE .... productivity differences
should be
REMOVED by the rate at which
the currencies of
the three distinct productivity fractions
in our global economy exchange with each other
that optimal set of forex rates
would be the basis
for fair ricardian trade
