A wage is not just the atomistic market remuneration for your labour. It’s also a powerful social token of the respect you earn and a neon sign of your position in society. You’re paid for a position – not for your work. As far as I’m concerned this characteristic of wage setting is more important than the famous ‘stickiness’ of wages.Real-World Economics Review Blog
The UK – even a flexible labour market still is a LABOUR market
Merijn Knibbe
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