NZBusiness and Management

A higher minimum wage is good economics

WHEN THE increase in the minimum wage was announced the initial reaction from the ‘great and the good’ was a cacophony of criticism redolent of ‘Chicken Little’ and the sky falling in.

Was this a reasonable reaction and was it based on fact?

The starting point in New Zealand is that this month (April) the minimum wage goes up by $1.20 to $17.70.

What does this increase mean in terms of wages keeping up with inflation? This has been addressed over time . The data clearly shows that the real value of all wages is falling, relative to inflation and overall economic growth.

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