Season 1 · Episode 338
What’s the right wage?
Public sector workers are on strike in the UK and elsewhere. Is there a way of working out the rate they should be paid?
Debunking Economics - the podcast · Steve Keen & Phil Dobbie
February 15, 202336m 49s
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Show Notes
The UK is gripped by strikes right now, but they are not the only ones. All over the world public and private sector workers are taking action as their salaries fail to keep up with inflation. Central banks are urging caution, fearing a wage spiral could push prices higher. This week Phil Dobbie and Steve Keen discuss the theory behind wage setting – a principle that someone sees chief executives earning a ridiculous multiple of the take-home pay of their workers. So, how are wages arrived at? One theory suggests it is the contribution they make to the profitability of a company, but Steve says its more to do with entrenched hierarchy.
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