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What (who) is farm wage - definition
ECONOMIC EFFECT THAT REAL INCOME RATIOS BETWEEN HIGH AND LOW INCOME COUNTRIES ARE SYSTEMATICALLY EXAGGERATED BY GDP CONVERSION AT MARKET EXCHANGE RATES
Low-wage economy; Low wage economy; High-wage economy; High wage economy; Low-wage economies
Wage labour
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RELATIONSHIP WHERE A WORKER SELLS LABOUR TO AN EMPLOYER
Wage-labor; Wage labor; Wage-labour; Wage laborer; Paid work; Wage labourer
Wage labour (also wage labor in American English), usually referred to as paid work, paid employment, or paid labour, refers to the socioeconomic relationship between a worker and an employer in which the worker sells their labour power under a formal or informal employment contract.: "All labor contracts were/are designed legally to bind a worker in one way or another to fulfill the labor obligations the worker has undertaken.
Wage-price spiral
ECONOMIC CONCEPT
Price/wage spiral; Wage/price spiral; Wage price spiral
In macroeconomics, a wage-price spiral (also called a wage/price spiral or price/wage spiral) is a proposed explanation for inflation, in which wage increases cause price increases which in turn cause wage increases, in a positive feedback loop. Greg Mankiw writes, "At some point, this spiral of ever-rising wages and prices will slow...
Price/wage spiral
ECONOMIC CONCEPT
Price/wage spiral; Wage/price spiral; Wage price spiral
In macroeconomics, the price/wage spiral (also called the wage/price spiral or wage-price spiral) is a theoretical concept that represents a circle process in which wage increases cause price increases which in turn cause wage increases, possibly with no answer to which came first. According to the concept, it can start either due to high aggregate demand combined with near full employment or due to supply shocks, such as an oil price hike.
Wikipedia
Penn effect
The Penn effect is the economic finding that real income ratios between high and low income countries are systematically exaggerated by gross domestic product (GDP) conversion at market exchange rates. It is associated with what became the Penn World Table, and it has been a consistent econometric result since at least the 1950s.
The "Balassa–Samuelson effect" is a model cited as the principal cause of the Penn effect by neo-classical economics, as well as being a synonym of “Penn effect”.
