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Minimum wage

Index Minimum wage

A minimum wage is the lowest remuneration that employers can legally pay their workers. [1]

191 relations: Adam Smith Institute, AFL–CIO, Aggregate demand, Alan Blinder, Alan Krueger, American Economic Association, Australian labour movement, Automation, Average worker's wage, Basic income, Bernard Semmel, Bernie Sanders, Bernie Sanders presidential campaign, 2016, Black Death, Cato Institute, Chicago, Child tax credit, Collective action, Collective agreement, Collective bargaining, Collusion, Community service, Company town, Competition law, Congressional Budget Office, Congressional Research Service, Conservative Party (UK), Cornell University, Daniel B. Klein, David Card, David Neumark, Deadweight loss, Democratic National Committee, Deutsche Bundesbank, Earned income tax credit, Economic equilibrium, Economic inequality, Economic Justice, Economic model, Economic Policy Institute, Economic surplus, Edmund Phelps, Edward Gramlich, Edward III of England, Elasticity (economics), Empirical evidence, Employee benefits, Employment Policies Institute, England in the Middle Ages, Eric Maskin, ..., Fair Labor Standards Act of 1938, Falsifiability, Family wage, Forbes, Free lunch, Freedom of contract, Garcia v. San Antonio Metropolitan Transit Authority, Generalized least squares, Geographic mobility, George Stigler, Guaranteed minimum income, Hansard, Henry Hazlitt, History of capitalism, House of Commons of the United Kingdom, HuffPost, Ian Steedman, Income distribution, Index of Economic Freedom, Industrial Conciliation and Arbitration Act 1894, Inequality of bargaining power, Information asymmetry, Initiative on Global Markets, International Labour Organization, IZA Institute of Labor Economics, James VI and I, Jerry Brown, John Stuart Mill, Joseph Stiglitz, Justice of the peace, Kenneth Arrow, Labor demand, Labor market segmentation, Labour economics, Labour law, Labour market flexibility, Labour supply, Laissez-faire, List of minimum wages by country, Living wage, Long Beach, California, Los Angeles, Low Pay Commission, Marginal cost, Marginal product of labor, Market (economics), Market clearing, Market failure, Market power, Maximum wage, Member of parliament, Meta-analysis, Michael Reich, Michael Spence, Milwaukee County, Wisconsin, Minimum Wage Fairness Act, Minimum Wage Fixing Convention 1970, Minimum wage in the United States, Minimum wage law, Monopsony, Moonlight clan, Multinational corporation, National Minimum Wage Act 1998, Negative and positive rights, Negative income tax, Nickel and Dimed, Oakland, California, OECD, On-the-job training, Ordinance of Labourers 1349, Ordinary least squares, Paul Krugman, Payroll, Perfect competition, Peter Diamond, Pierangelo Garegnani, Piero Sraffa, Political Economy Research Institute, Political parties in the United States, Pound sterling, Poverty reduction, Price controls, Price elasticity of demand, Price floor, Principles of Political Economy, Productivity, Publication bias, Puerto Rican government-debt crisis, Puerto Rico, Purchasing power, Regression analysis, Regulated market, Remuneration, Richmond, California, Robert Solow, San Francisco, San Jose, California, Scott Sumner, Scratch Beginnings, Search cost, SeaTac, Washington, Self-checkout, Serfdom, Show-Me Institute, Social security, Standard of living, Statistical significance, Statute of Labourers 1351, Supply and demand, Sweatshop, T-statistic, Tax credit, The American Economic Review, The Atlantic, The Economist, The Guardian, The Journal of Human Resources, The New York Times, The Wall Street Journal, The Washington Post, The Washington Times, Third World, Thomas Schelling, Time series, Timeline of labor issues and events, Tipped wage, Tom Harkin, Trade Boards Act 1909, Trade union, Turnover (employment), Unintended consequences, Wage, Wage slavery, Washington (state), Welfare, Winston Churchill, Work ethic, Workforce productivity, Working poor, Working Tax Credit, Wynne Godley. Expand index (141 more) »

Adam Smith Institute

The Adam Smith Institute (ASI) is a neoliberal (formerly libertarian) think tank and lobbying group based in the United Kingdom, named after Adam Smith, a Scottish moral philosopher and classical economist.

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The American Federation of Labor and Congress of Industrial Organizations (AFL-CIO) is the largest federation of unions in the United States.

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Aggregate demand

In macroeconomics, aggregate demand (AD) or domestic final demand (DFD) is the total demand for final goods and services in an economy at a given time.

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Alan Blinder

Alan Stuart Blinder (born October 14, 1945) is an American economist.

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Alan Krueger

Alan Bennett Krueger (born September 17, 1960) is an American economist who is the Bendheim Professor of Economics and Public Affairs at Princeton University and Research Associate at the National Bureau of Economic Research.

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American Economic Association

The American Economic Association (AEA) is a learned society in the field of economics, headquartered in Nashville, Tennessee.

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Australian labour movement

The Australian labour movement has its origins in the early 19th century and includes both trade unions and political activity.

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Automation is the technology by which a process or procedure is performed without human assistance.

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Average worker's wage

Average wage is the mean salary of a group of workers.

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Basic income

A basic income, also called basic income guarantee, universal basic income (UBI), basic living stipend (BLS) or universal demogrant, is a type of program in which citizens (or permanent residents) of a country may receive a regular sum of money from the government.

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Bernard Semmel

Bernard Semmel (23 July 1928 – 18 August 2008) was an American historian specialising in British imperial history.

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Bernie Sanders

Bernard Sanders (born September 8, 1941) is an American politician serving as the junior United States Senator from Vermont since 2007.

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Bernie Sanders presidential campaign, 2016

The 2016 presidential campaign of Bernie Sanders, the junior United States Senator and former Representative from Vermont, began with an informal announcement on April 30, 2015, and a formal announcement that he planned to seek the Democratic Party's nomination for President of the United States on May 26, 2015, in Burlington, Vermont.

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Black Death

The Black Death, also known as the Great Plague, the Black Plague, or simply the Plague, was one of the most devastating pandemics in human history, resulting in the deaths of an estimated people in Eurasia and peaking in Europe from 1347 to 1351.

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Cato Institute

The Cato Institute is an American libertarian think tank headquartered in Washington, D.C. It was founded as the Charles Koch Foundation in 1974 by Ed Crane, Murray Rothbard, and Charles Koch, chairman of the board and chief executive officer of the conglomerate Koch Industries.

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Chicago, officially the City of Chicago, is the third most populous city in the United States, after New York City and Los Angeles.

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Child tax credit

A child tax credit is a tax credit available in some countries, which depends on the number of dependent children in a family.

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Collective action

Collective action refers to action taken together by a group of people whose goal is to enhance their status and achieve a common objective.

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Collective agreement

A collective agreement, collective labour agreement (CLA) or collective bargaining agreement (CBA) is a special type of commercial agreement, usually as one negotiated "collectively" between management (on behalf of the company) and trade unions (on behalf of employees).

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Collective bargaining

Collective bargaining is a process of negotiation between employers and a group of employees aimed at agreements to regulate working salaries, working conditions, benefits, and other aspects of workers' compensation and rights for workers.

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Collusion is an agreement between two or more parties, sometimes illegal–but always secretive–to limit open competition by deceiving, misleading, or defrauding others of their legal rights, or to obtain an objective forbidden by law typically by defrauding or gaining an unfair market advantage.

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Community service

Community service is a non-paying job performed by one person or a group of people for the benefit of the community or its institutions.

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Company town

A company town is a place where practically all stores and housing are owned by the one company that is also the main employer.

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Competition law

Competition law is a law that promotes or seeks to maintain market competition by regulating anti-competitive conduct by companies.

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Congressional Budget Office

The Congressional Budget Office (CBO) is a federal agency within the legislative branch of the United States government that provides budget and economic information to Congress.

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Congressional Research Service

The Congressional Research Service (CRS), known as Congress's think tank, is a public policy research arm of the United States Congress.

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Conservative Party (UK)

The Conservative Party, officially the Conservative and Unionist Party, is a centre-right political party in the United Kingdom.

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Cornell University

Cornell University is a private and statutory Ivy League research university located in Ithaca, New York.

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Daniel B. Klein

Daniel Bruce Klein (born January 16, 1962) is an American professor of economics at George Mason University and an Associate Fellow of the Swedish Ratio Institute.

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David Card

David Edward Card (born 1956) is a Canadian labour economist and Professor of Economics at the University of California, Berkeley.

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David Neumark

David Neumark (born July 7, 1959) is an American economist and a Chancellor's Professor of Economics at the University of California, Irvine, where he also directs the Economic Self-Sufficiency Policy Research Institute.

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Deadweight loss

A deadweight loss, also known as excess burden or allocative inefficiency, is a loss of economic efficiency that can occur when equilibrium for a good or a service is not achieved.

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Democratic National Committee

The Democratic National Committee (DNC) is the formal governing body for the United States Democratic Party.

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Deutsche Bundesbank

The Deutsche Bundesbank is the central bank of the Federal Republic of Germany and as such part of the European System of Central Banks (ESCB).

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Earned income tax credit

The United States federal earned income tax credit or earned income credit (EITC or EIC) is a refundable tax credit for low- to moderate-income working individuals and couples, particularly those with children.

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Economic equilibrium

In economics, economic equilibrium is a state where economic forces such as supply and demand are balanced and in the absence of external influences the (equilibrium) values of economic variables will not change.

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Economic inequality

Economic inequality is the difference found in various measures of economic well-being among individuals in a group, among groups in a population, or among countries.

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Economic Justice

Justice in economics is a subcategory of welfare economics with models frequently representing the ethical-social requirements of a given theory, whether "in the large", as of a just social order, or "in the small", as in the equity of "how institutions distribute specific benefits and burdens".

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Economic model

In economics, a model is a theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them.

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Economic Policy Institute

The Economic Policy Institute is a 501(c)(3) non-profit American think tank based in Washington, D.C. that carries out economic research and analyzes the economic impact of policies and proposals.

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Economic surplus

In mainstream economics, economic surplus, also known as total welfare or Marshallian surplus (after Alfred Marshall), refers to two related quantities.

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Edmund Phelps

Edmund Strother Phelps, (born July 26, 1933) is an American economist and the winner of the 2006 Nobel Memorial Prize in Economic Sciences.

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Edward Gramlich

Edward M. Gramlich (June 18, 1939 – September 5, 2007) was a professor of economics at the University of Michigan and a former member of the Board of Governors of the Federal Reserve.

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Edward III of England

Edward III (13 November 1312 – 21 June 1377) was King of England and Lord of Ireland from January 1327 until his death; he is noted for his military success and for restoring royal authority after the disastrous and unorthodox reign of his father, Edward II.

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Elasticity (economics)

In economics, elasticity is the measurement of how an economic variable responds to a change in another.

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Empirical evidence

Empirical evidence, also known as sensory experience, is the information received by means of the senses, particularly by observation and documentation of patterns and behavior through experimentation.

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Employee benefits

Employee benefits and (especially in British English) benefits in kind (also called fringe benefits, perquisites, or perks) include various types of non-wage compensation provided to employees in addition to their normal wages or salaries.

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Employment Policies Institute

The Employment Policies Institute is a fiscally conservative non-profit American think tank that conducts research on employment issues such as minimum wage and health care.

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England in the Middle Ages

England in the Middle Ages concerns the history of England during the medieval period, from the end of the 5th century through to the start of the Early Modern period in 1485.

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Eric Maskin

Eric Stark Maskin (born December 12, 1950) is an American economist and 2007 Nobel laureate recognized with Leonid Hurwicz and Roger Myerson "for having laid the foundations of mechanism design theory".

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Fair Labor Standards Act of 1938

The Fair Labor Standards Act of 1938 (abbreviated as FLSA) is a United States labor law that creates the right to a minimum wage, and "time-and-a-half" overtime pay when people work over forty hours a week.

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A statement, hypothesis, or theory has falsifiability (or is falsifiable) if it can logically be proven false by contradicting it with a basic statement.

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Family wage

A family wage is a wage that is sufficient to raise a family.

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Forbes is an American business magazine.

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Free lunch

A free lunch is a sales enticement that offers a meal at no cost in order to attract customers and increase revenues from other offerings.

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Freedom of contract

Freedom of contract is the freedom of private or public individuals and groups (of any legal entity) to form nonviolent contracts without government restrictions.

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Garcia v. San Antonio Metropolitan Transit Authority

Garcia v. San Antonio Metropolitan Transit Authority, 469 U.S. 528 (1985), is a United States Supreme Court decision in which the Court held that the Congress has the power under the Commerce Clause of the Constitution to extend the Fair Labor Standards Act, which requires that employers provide minimum wage and overtime pay to their employees, to state and local governments.

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Generalized least squares

In statistics, generalized least squares (GLS) is a technique for estimating the unknown parameters in a linear regression model.

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Geographic mobility

Geographic mobility is the measure of how populations and goods move over time.

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George Stigler

George Joseph Stigler (January 17, 1911 – December 1, 1991) was an American economist, the 1982 laureate in Nobel Memorial Prize in Economic Sciences and a key leader of the Chicago School of Economics.

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Guaranteed minimum income

Guaranteed minimum income (GMI), also called minimum income, is a system of social welfare provision that guarantees that all citizens or families have an income sufficient to live on, provided they meet certain conditions.

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Hansard is the traditional name of the transcripts of Parliamentary Debates in Britain and many Commonwealth countries.

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Henry Hazlitt

Henry Stuart Hazlitt (November 28, 1894July 9, 1993) was an American journalist who wrote about business and economics for such publications as The Wall Street Journal, The Nation, The American Mercury, Newsweek, and The New York Times.

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History of capitalism

The history of capitalism has diverse and much debated roots, but fully-fledged capitalism is generally thought to have emerged in north-west Europe, especially in the Low Countries (mainly present-day Flanders and Netherlands) and Britain, in the sixteenth to seventeenth centuries.

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House of Commons of the United Kingdom

The House of Commons is the lower house of the Parliament of the United Kingdom.

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HuffPost (formerly The Huffington Post and sometimes abbreviated HuffPo) is a liberal American news and opinion website and blog that has both localized and international editions.

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Ian Steedman

Ian Steedman (born 1941 in London) was for many years a Professor of economics at the University of Manchester before moving down the road to Manchester Metropolitan University.

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Income distribution

In economics, income distribution is how a nation’s total GDP is distributed amongst its population.

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Index of Economic Freedom

The Index of Economic Freedom is an annual index and ranking created by The Heritage Foundation and The Wall Street Journal in 1995 to measure the degree of economic freedom in the world's nations.

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Industrial Conciliation and Arbitration Act 1894

The Industrial Conciliation and Arbitration Act 1894 was a piece of industrial relations legislation passed by the Parliament of New Zealand in 1894.

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Inequality of bargaining power

In law, economics and the social sciences, inequality of bargaining power is where one party to a "bargain", contract or agreement, has more and better alternatives than the other party.

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Information asymmetry

In contract theory and economics, information asymmetry deals with the study of decisions in transactions where one party has more or better information than the other.

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Initiative on Global Markets

The Initiative on Global Markets (IGM) is a research center at the University of Chicago Booth School of Business in the United States.

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International Labour Organization

The International Labour Organization (ILO) is a United Nations agency dealing with labour problems, particularly international labour standards, social protection, and work opportunities for all.

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IZA Institute of Labor Economics

The IZA - Institute of Labor Economics (Forschungsinstitut zur Zukunft der Arbeit), until 2016 referred to as the Institute of the Study of Labor (IZA), is a private, independent economic research institute and academic network focused on the analysis of global labor markets and headquartered in Bonn, Germany.

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James VI and I

James VI and I (James Charles Stuart; 19 June 1566 – 27 March 1625) was King of Scotland as James VI from 24 July 1567 and King of England and Ireland as James I from the union of the Scottish and English crowns on 24 March 1603 until his death in 1625.

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Jerry Brown

Edmund Gerald "Jerry" Brown Jr. (born April 7, 1938) is an American politician, author and lawyer serving as the 39th and current Governor of California since 2011, previously holding the position from 1975 to 1983, making him the state's longest-serving Governor.

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John Stuart Mill

John Stuart Mill, also known as J.S. Mill, (20 May 1806 – 8 May 1873) was a British philosopher, political economist, and civil servant.

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Joseph Stiglitz

Joseph Eugene Stiglitz (born February 9, 1943) is an American economist and a professor at Columbia University.

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Justice of the peace

A justice of the peace (JP) is a judicial officer, of a lower or puisne court, elected or appointed by means of a commission (letters patent) to keep the peace.

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Kenneth Arrow

Kenneth Joseph "Ken" Arrow (23 August 1921 – 21 February 2017) was an American economist, mathematician, writer, and political theorist.

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Labor demand

In economics, the labor demand of an employer is the number of labor-hours that the employer is willing to hire based on the various exogenous (externally determined) variables it is faced with, such as the wage rate, the unit cost of capital, the market-determined selling price of its output, etc.

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Labor market segmentation

A labor market is seen as segmented if it "consists of various sub-groups with little or no crossover capability".

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Labour economics

Labour economics seeks to understand the functioning and dynamics of the markets for wage labour.

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Labour law

Labour law (also known as labor law or employment law) mediates the relationship between workers, employing entities, trade unions and the government.

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Labour market flexibility

The degree of labour market flexibility is the speed with which labour markets adapt to fluctuations and changes in society, the economy or production.

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Labour supply

In mainstream economic theories, the labour supply is the total hours (adjusted for intensity of effort) that workers wish to work at a given real wage rate.

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Laissez-faire (from) is an economic system in which transactions between private parties are free from government intervention such as regulation, privileges, tariffs and subsidies.

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List of minimum wages by country

This is a list of official minimum wage rates of the 193 United Nations member states, and also includes the following territories and states with limited recognition: Taiwan, Hong Kong, Northern Cyprus, Kosovo, and Palestine.

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Living wage

A living wage is the minimum income necessary for a worker to meet their basic needs.

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Long Beach, California

Long Beach is a city on the Pacific Coast of the United States, within the Greater Los Angeles area of Southern California.

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Los Angeles

Los Angeles (Spanish for "The Angels";; officially: the City of Los Angeles; colloquially: by its initials L.A.) is the second-most populous city in the United States, after New York City.

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Low Pay Commission

The Low Pay Commission (LPC) is an independent body in the United Kingdom that advises the government on the National Minimum Wage.

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Marginal cost

In economics, marginal cost is the change in the opportunity cost that arises when the quantity produced is incremented by one unit, that is, it is the cost of producing one more unit of a good.

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Marginal product of labor

In economics, the marginal product of labor (MPL) is the change in output that results from employing an added unit of labor.

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Market (economics)

A market is one of the many varieties of systems, institutions, procedures, social relations and infrastructures whereby parties engage in exchange.

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Market clearing

In economics, market clearing is the process by which, in an economic market, the supply of whatever is traded is equated to the demand, so that there is no leftover supply or demand.

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Market failure

In economics, market failure is a situation in which the allocation of goods and services by a free market is not efficient, often leading to a net social welfare loss.

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Market power

In economics and particularly in industrial organization, market power is the ability of a firm to profitably raise the market price of a good or service over marginal cost.

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Maximum wage

A maximum wage, also often called a wage ceiling, is a legal limit on how much income an individual can earn.

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Member of parliament

A member of parliament (MP) is the representative of the voters to a parliament.

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A meta-analysis is a statistical analysis that combines the results of multiple scientific studies.

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Michael Reich

Michael Reich (born 18 October 1945) is a Polish-born economist who primarily focuses on labor economics and political economy.

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Michael Spence

Andrew Michael Spence (born November 7, 1943, Montclair, New Jersey) is an American economist and recipient of the 2001 Nobel Memorial Prize in Economic Sciences, along with George Akerlof and Joseph E. Stiglitz, for their work on the dynamics of information flows and market development.

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Milwaukee County, Wisconsin

Milwaukee County is a county in the U.S. state of Wisconsin.

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Minimum Wage Fairness Act

The Minimum Wage Fairness Act is a bill that would amend the Fair Labor Standards Act of 1938 (FLSA) to increase the federal minimum wage for employees to $10.10 per hour over the course of a two-year period.

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Minimum Wage Fixing Convention 1970

Minimum Wage Fixing Convention 1970 is a Convention by the International Labour Organization established in 1970.

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Minimum wage in the United States

The minimum wage in the United States is set by US labor law and a range of state and local laws.

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Minimum wage law

Minimum wage law is the body of law which prohibits employers from hiring employees or workers for less than a given hourly, daily or monthly minimum wage.

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In economics, a monopsony (from Ancient Greek μόνος (mónos) "single" + ὀψωνία (opsōnía) "purchase") is a market structure in which only one buyer interacts with many would-be sellers of a particular product.

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Moonlight clan

Moonlight Clan, or Yue Guang Zu is a Chinese term used to describe a large group of people who expend their entire salary before the end of each month, especially young adult Chinese men.

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Multinational corporation

A multinational corporation (MNC) or worldwide enterprise is a corporate organization that owns or controls production of goods or services in at least one country other than its home country.

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National Minimum Wage Act 1998

The National Minimum Wage Act 1998 creates a minimum wage across the United Kingdom, which from 1 April 2018 was £7.83 per hour for workers aged over 25, £7.38 per hour for workers aged 21 to 24, and £5.90 per hour for workers aged 18 to 20.

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Negative and positive rights

Negative and positive rights are rights that oblige either action (positive rights) or inaction (negative rights).

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Negative income tax

In economics, a negative income tax (NIT) is a progressive income tax system where people earning below a certain amount receive supplemental pay from the government instead of paying taxes to the government.

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Nickel and Dimed

Nickel and Dimed: On (Not) Getting By in America is a book written by Barbara Ehrenreich.

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Oakland, California

Oakland is the largest city and the county seat of Alameda County, California, United States.

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The Organisation for Economic Co-operation and Development (OECD; Organisation de coopération et de développement économiques, OCDE) is an intergovernmental economic organisation with 35 member countries, founded in 1961 to stimulate economic progress and world trade.

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On-the-job training

On-the-job training (sometimes called direct instruction) is one-on-one training located at the job site.

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Ordinance of Labourers 1349

The Ordinance of Labourers 1349 is often considered to be the start of English labour law.

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Ordinary least squares

In statistics, ordinary least squares (OLS) or linear least squares is a method for estimating the unknown parameters in a linear regression model.

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Paul Krugman

Paul Robin Krugman (born February 28, 1953) is an American economist who is currently Distinguished Professor of Economics at the Graduate Center of the City University of New York, and a columnist for The New York Times.

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A payroll is a company's list of its employees, but the term is commonly used to refer to.

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Perfect competition

In economics, specifically general equilibrium theory, a perfect market is defined by several idealizing conditions, collectively called perfect competition.

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Peter Diamond

Peter Arthur Diamond (born, 1940) is an American economist known for his analysis of U.S. Social Security policy and his work as an advisor to the Advisory Council on Social Security in the late 1980s and 1990s.

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Pierangelo Garegnani

Pierangelo Garegnani (1930–2011) was an Italian economist and professor of the University of Rome III.

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Piero Sraffa

Piero Sraffa (5 August 1898 – 3 September 1983) was an influential Italian economist, who served as lecturer of economics at the University of Cambridge.

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Political Economy Research Institute

The Political Economy Research Institute (PERI) is an institute at the University of Massachusetts Amherst which, according to its mission statement, "...promotes human and ecological well-being through our original research.

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Political parties in the United States

Political parties in the United States are mostly dominated by a two-party system, though the United States Constitution has always been silent on the issue of political parties since at the time it was signed in 1787 there were no parties in the nation.

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Pound sterling

The pound sterling (symbol: £; ISO code: GBP), commonly known as the pound and less commonly referred to as Sterling, is the official currency of the United Kingdom, Jersey, Guernsey, the Isle of Man, South Georgia and the South Sandwich Islands, the British Antarctic Territory, and Tristan da Cunha.

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Poverty reduction

Poverty reduction, or poverty alleviation, is a set of measures, both economic and humanitarian, that are intended to permanently lift people out of poverty.

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Price controls

Price controls are governmental restrictions on the prices that can be charged for goods and services in a market.

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Price elasticity of demand

Price elasticity of demand (PED or Ed) is a measure used in economics to show the responsiveness, or elasticity, of the quantity demanded of a good or service to a change in its price when nothing but the price changes.

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Price floor

A price floor is a government- or group-imposed price control or limit on how low a price can be charged for a product.

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Principles of Political Economy

Principles of Political Economy (1848) by John Stuart Mill was one of the most important economics or political economy textbooks of the mid-nineteenth century.

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Productivity describes various measures of the efficiency of production.

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Publication bias

Publication bias is a type of bias that occurs in published academic research.

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Puerto Rican government-debt crisis

The Puerto Rican government-debt crisis is a financial crisis affecting the government of Puerto Rico.

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Puerto Rico

Puerto Rico (Spanish for "Rich Port"), officially the Commonwealth of Puerto Rico (Estado Libre Asociado de Puerto Rico, "Free Associated State of Puerto Rico") and briefly called Porto Rico, is an unincorporated territory of the United States located in the northeast Caribbean Sea.

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Purchasing power

Purchasing power (sometimes retroactively called adjusted for inflation) is the number and quality or value of goods and services that can be purchased with a unit of currency.

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Regression analysis

In statistical modeling, regression analysis is a set of statistical processes for estimating the relationships among variables.

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Regulated market

A regulated market (RM) or controlled market is an idealized system where the government controls the forces of supply and demand, such as who is allowed to enter the market and/or what prices may be charged.

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Remuneration is considered the pay or other compensation provided in exchange for the services performed; not to be confused with giving (away), or donating, or the act of providing to.

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Richmond, California

Richmond is a city in western Contra Costa County, California, United States.

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Robert Solow

Robert Merton Solow, GCIH (born August 23, 1924), is an American economist, particularly known for his work on the theory of economic growth that culminated in the exogenous growth model named after him.

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San Francisco

San Francisco (initials SF;, Spanish for 'Saint Francis'), officially the City and County of San Francisco, is the cultural, commercial, and financial center of Northern California.

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San Jose, California

San Jose (Spanish for 'Saint Joseph'), officially the City of San José, is an economic, cultural, and political center of Silicon Valley and the largest city in Northern California.

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Scott Sumner

Scott B. Sumner (born 1955) is an American economist.

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Scratch Beginnings

Scratch Beginnings: Me, $25, and the Search for the American Dream is a book by Adam Shepard, a graduate of Merrimack College, about his attempt to live the American Dream.

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Search cost

Search costs are one facet of transaction costs or switching costs.

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SeaTac, Washington

SeaTac is a city in southern King County, Washington, United States, and an inner-ring suburb of Seattle, Washington.

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Self-checkout (also known as self-service checkout and as semi-attended customer-activated terminal, SACAT) machines provide a mechanism for customers to process their own purchases from a retailer.

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Serfdom is the status of many peasants under feudalism, specifically relating to manorialism.

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Show-Me Institute

The Show-Me Institute is an American think tank based in St. Louis, Missouri that promotes public policies that advance free market principles.

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Social security

Social security is "any government system that provides monetary assistance to people with an inadequate or no income." Social security is enshrined in Article 22 of the Universal Declaration of Human Rights, which states: Everyone, as a member of society, has the right to social security and is entitled to realization, through national effort and international co-operation and in accordance with the organization and resources of each State, of the economic, social and cultural rights indispensable for his dignity and the free development of his personality.

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Standard of living

Standard of living refers to the level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class in a certain geographic area, usually a country.

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Statistical significance

In statistical hypothesis testing, a result has statistical significance when it is very unlikely to have occurred given the null hypothesis.

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Statute of Labourers 1351

The Statute of Labourers was a law created by the English parliament under King Edward III in 1351 in response to a labour shortage, designed to suppress the labour force by prohibiting increases in wages and prohibiting the movement of workers from their home areas in search of improved conditions.

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Supply and demand

In microeconomics, supply and demand is an economic model of price determination in a market.

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Sweatshop (or sweat factory) is a pejorative term for a workplace that has very poor, socially unacceptable working conditions.

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In statistics, the t-statistic is the ratio of the departure of the estimated value of a parameter from its hypothesized value to its standard error.

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Tax credit

A tax credit is a tax incentive which allows certain taxpayers to subtract the amount of the credit they have accrued from the total they owe the state.

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The American Economic Review

The American Economic Review is a peer-reviewed academic journal of economics.

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The Atlantic

The Atlantic is an American magazine and multi-platform publisher, founded in 1857 as The Atlantic Monthly in Boston, Massachusetts.

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The Economist

The Economist is an English-language weekly magazine-format newspaper owned by the Economist Group and edited at offices in London.

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The Guardian

The Guardian is a British daily newspaper.

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The Journal of Human Resources

The Journal of Human Resources is a quarterly peer-reviewed academic journal covering empirical microeconomics.

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The New York Times

The New York Times (sometimes abbreviated as The NYT or The Times) is an American newspaper based in New York City with worldwide influence and readership.

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The Wall Street Journal

The Wall Street Journal is a U.S. business-focused, English-language international daily newspaper based in New York City.

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The Washington Post

The Washington Post is a major American daily newspaper founded on December 6, 1877.

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The Washington Times

The Washington Times is an American daily newspaper that covers general interest topics with a particular emphasis on American politics.

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Third World

The term "Third World" arose during the Cold War to define countries that remained non-aligned with either NATO or the Communist Bloc.

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Thomas Schelling

Thomas Crombie Schelling (April 14, 1921 – December 13, 2016) was an American economist and professor of foreign policy, national security, nuclear strategy, and arms control at the School of Public Policy at University of Maryland, College Park.

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Time series

A time series is a series of data points indexed (or listed or graphed) in time order.

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Timeline of labor issues and events

Timeline of organized labor history.

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Tipped wage

The tipped wage is base wage paid to an employee that receives a substantial portion of their compensation from tips.

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Tom Harkin

Thomas Richard Harkin (born November 19, 1939) is an American politician, attorney and author who served as a United States Senator from Iowa from 1985 to 2015.

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Trade Boards Act 1909

The Trade Boards Act 1909 was a piece of social legislation passed in the United Kingdom in 1909.

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Trade union

A trade union or trades union, also called a labour union (Canada) or labor union (US), is an organization of workers who have come together to achieve many common goals; such as protecting the integrity of its trade, improving safety standards, and attaining better wages, benefits (such as vacation, health care, and retirement), and working conditions through the increased bargaining power wielded by the creation of a monopoly of the workers.

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Turnover (employment)

In human resources context, turnover is the act of replacing an employee with a new employee.

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Unintended consequences

In the social sciences, unintended consequences (sometimes unanticipated consequences or unforeseen consequences) are outcomes that are not the ones foreseen and intended by a purposeful action.

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A wage is monetary compensation (or remuneration, personnel expenses, labor) paid by an employer to an employee in exchange for work done.

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Wage slavery

Wage slavery is a term used to draw an analogy between slavery and wage labor by focusing on similarities between owning and renting a person.

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Washington (state)

Washington, officially the State of Washington, is a state in the Pacific Northwest region of the United States.

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Welfare is a government support for the citizens and residents of society.

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Winston Churchill

Sir Winston Leonard Spencer-Churchill (30 November 187424 January 1965) was a British politician, army officer, and writer, who was Prime Minister of the United Kingdom from 1940 to 1945 and again from 1951 to 1955.

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Work ethic

Work ethic is a belief that hard work and diligence have a moral benefit and an inherent ability, virtue or value to strengthen character and individual abilities.

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Workforce productivity

Workforce productivity is the amount of goods and services that a worker produces in a given amount of time.

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Working poor

The working poor are working people whose incomes fall below a given poverty line due to lack of work hours and/or low wages.

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Working Tax Credit

Working Tax Credit (WTC) is a state benefit in the United Kingdom made to people who work and have a low income.

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Wynne Godley

Wynne Godley (2 September 192613 May 2010) was an economist famous for his pessimism toward the British economy and his criticism of the British government.

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[1] https://en.wikipedia.org/wiki/Minimum_wage

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