The worry that euro-zone countries such as Spain may suffer prolonged slumps because they lost control of unit wage costs lends the inflation test some weight, though not much.
ECONOMIST: The financial crisis has made the euro look more alluring
Currently, I see profit margins almost 20 percent above their normalized level, elevated by tight expense control and minimal incremental wage expense.
Labour MP Martin Caton and AM Anne Jones were among the speakers in support of a fair wage for Firefighters and Emergency Fire Control Operators.
What may be left by the wayside until after the election - a budget blueprint, appropriations to run the government, immigration reform and border security, control of lobbyists, a minimum wage increase and health for senior citizens who missed a deadline for choosing a Medicare prescription plan.
Mill made the point that if governments are charged with guaranteeing a certain living wage, then theoretically they also should be able to control how many people are born.
Should Putin decide to broaden the base of his government and introduce meaningful elements of political accountability to public affairs, he would have to wage a titanic war against his own loyalists, who altogether control nearly half of Russia's economic assets.
His proposals made sense: a commission on voting rights, protection of military families gay and straight, gun control measures, equal pay for equal work, increased minimum wage, and immigration reform.
Since the Thatcher government's tussle with the unions, workers have much less power to demand wage increases, which means that inflation is less likely to get out of control.
On inflation, the Fed chairman said that while high energy prices continue to be a source of risk, ongoing productivity gains in the labor market should keep wage increases--still the biggest driver of overall inflation--under control.
When the government recognizes that all its efforts to control inflation are too tepid and thus futile, it will eventually institute price and wage controls.
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