Econ%20104%20Syllabus--Pollin--Fall%20-page39

Econ%20104%20Syllabus--Pollin--Fall%20-page39 - Real value...

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The Minimum Wage Over Time Nominal vs. Real Minimum Wage Making an adjustment for inflaJon and the cost of living Nominal value of minimum wage is 350 percent higher than 1968 $1.60 in 1968; $7.25 today
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Unformatted text preview: Real value of minimum wage is 27 percent lower than where it was in 1968 $10.03 in 1968; $7.25 today A dollar bought six Jmes more goods/services in 1968 than today 3...
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