Daron Acemoglu on Inequality, Institutions, and Piketty
EconTalk
00:00
Do You Know What the Minimum Wage Is?
I have a cleaning woman who comes to my house with a crew of three people. She makes about 23, 24 dollars an hour which is roughly three times the federal minimum wage. They don't have a union. Is seems to me very limited in the way that bargaining power is talked about as an important part of labor market outcomes. All this stuff about bargaining power and institutions, i don't see why i relevant.
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