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Minimum wage policy

Published online by Cambridge University Press:  01 August 2016

Anthony C. Robin  and
Nick Lord
Anthony C. Robin
Affiliation:
County High School for Girls, Colchester CO3 3US Tonbridge School, Kent, TN9 1JP
Nick Lord
Affiliation:
County High School for Girls, Colchester CO3 3US Tonbridge School, Kent, TN9 1JP
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Extract

Before the last General Election politicians were arguing about the effects of a minimum wage policy. One was suggesting that we should have a minimum wage that was a certain percentage of the mean wage, while another claimed that such a policy would be inflationary, with wages spiralling up like a dog chasing its tail. What struck me was if you give some people an increase in salary to a fraction of the mean salary then you’ve increased the mean, so you’ll have to do it again. Might this process not lead to wages spiralling up to infinity?

Type
Research Article
Information
The Mathematical Gazette , Volume 76 , Issue 477 , November 1992 , pp. 362 - 365
Copyright
Copyright © The Mathematical Association 1992

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