| mrstickball said: Curious question: Why is the GINI coefficient so low, and income so high in the one western country that doesn't have a federal minimum wage? I'll let you guess which country it is. The results may surprise you |
The one Western country? I don't think any of Scandinavia does. Nor does Switzerland to the best of my knowledge.
Scandinavia gets away with it through having powerful unions negotiate informal but accepted minimum wages for every sector I believe. I suppose they've figured that there is no reason to change their current system if it isn't being abused.
Edit: Heres a map that shows that a swathe down the middle of Europe has no minimum wage.
http://epp.eurostat.ec.europa.eu/cache/ITY_OFFPUB/KS-QA-09-029/EN/KS-QA-09-029-EN.PDF
Also found it interesting in my research that NZ was the first country to have a minimum wage =P.
