@Shlomo This will just put more low-skill Iranians out of work.
@white_male @Shlomo Minimum wages do not help the economy grow, they act as a price floor for wages, meaning price controls.
@DoubleD @Shlomo That's how it works in stable and rich economies. Iran's in rapid economical development, these measures are more likely reflection of economic activity than anything else.
Same thing happened in eastern Europe after USSR folded. Minimal wages adjusted annually or even biannually in most countries. Meanwhile rich western countries stagnated for decades.
Same thing happened in eastern Europe after USSR folded. Minimal wages adjusted annually or even biannually in most countries. Meanwhile rich western countries stagnated for decades.
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@white_male @Shlomo
The laws of economics do not change according to scale or circumstance. Minimum wage does not help people weather inflation.
If by "minimum wage" they merely mean the minimum measured amount people are paid, then, I agree. That could have been caused by economic growth, but "minimum wage" in this case based on the lines included and in almost every case where the term is used means legislation.
@white_male @DoubleD Yeah, its about inflation configuration. Basically what Russia also did recently.
If they're setting the new minimum wage at 10th percentile of wage earners, then they're just normalizing financial conditions for the bottom 10%.
Second scenario is what i believe is happening in Iran. RU is pulling them up.