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'5. Productivity determines the wage rate' is oversimplified

Posted on: December 22, 2016 at 15:52:26 CT
JeffB MU
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There are more variables than that in play. There is a supply and demand thing going on for labor as well, no?

If a company moves a factory from the U.S. or Europe over to China and the workers have the same productivity, or even more, there wages could easily be half of those in the former factories.
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Ten Fundamental Laws of Economics - ummmm MU - 12/22 11:47:12
     '5. Productivity determines the wage rate' is oversimplified - JeffB MU - 12/22 15:52:26
     Some very shallow, and also wrong, comments there. - GA Tiger MU - 12/22 13:00:06
          Which ones? (nm) - ummmm MU - 12/22 13:21:50
               RE: Which ones? (nm) - GA Tiger MU - 12/22 14:29:39
                    I don't have time right now to go through these individually - ummmm MU - 12/22 14:50:21
     0. Demand precedes production - FootballRefugee MU - 12/22 12:01:45
          The problem here, it appears to me, are differing - JeffB MU - 12/22 21:09:59
          Unless, of course, its dictated by gov't dictate.(nm) - GA Tiger MU - 12/22 13:00:55
               Demand is constituted by Supply. - ummmm MU - 12/22 13:22:22
                    No, demand exists without supply - FootballRefugee MU - 12/22 13:35:47
                         macro, FR, macro - nothing can be demanded by he who - 90Tiger MU - 12/22 14:00:03
                              you're still failing on the macro, too - FootballRefugee MU - 12/22 14:03:02
                                   FR, when folks don't produce and hence don't have the means - 90Tiger MU - 12/22 14:56:04
          Not in a lot of cases - BeakerHater MU - 12/22 12:39:55
               In the macroeconomic sense (not company specific), demand - ummmm MU - 12/22 13:23:34
                    Ability to buy? What the hell does that have to do with - GA Tiger MU - 12/22 14:32:49
                         GA, demand =/= want. demand in the economic - 90Tiger MU - 12/22 14:57:06
                              To be expected in academia. Willful obfuscation, by - GA Tiger MU - 12/22 16:12:19
                                   You're the one redefining "demand". You want to - ummmm MU - 12/22 17:00:55
                                        I don't give a shlt about the economic definition. And since - GA Tiger MU - 12/22 18:34:53
                         That is the economic definition of "demand", GAT - ummmm MU - 12/22 14:49:18
                              no, he can't (nm) - 90Tiger MU - 12/22 14:57:30
               true, these are the truly wealthy ... - tmcats KSU - 12/22 13:20:34
               In nearly all cases... - Spanky KU - 12/22 12:47:32
               the entrepreneur sees demand in most cases - FootballRefugee MU - 12/22 12:45:42




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