[OC] Real minimum wages 2021Submitted by Klutzy_Ambition5445 t3_11f6vzb in dataisbeautiful
aspects1 t1_jaj0nfl wrote
Reply to comment by Former_Star1081 in [OC] Real minimum wages 2021 by Klutzy_Ambition5445
its adjusted for cost of living, so 22 in Switzerland would be much lower than 22 on the graph even if it was on there because cost of living is much higher
goodluckonyourexams t1_jajpxav wrote
cost of living and ppp are not the same
aspects1 t1_jajr0hn wrote
yeah i meant ppp mb
Maguncia t1_jalakft wrote
PPP is a measure of cost of living.
goodluckonyourexams t1_jamtnil wrote
it really isn't
Maguncia t1_jamv1kb wrote
Not sure what you are getting at. Please elaborate.
goodluckonyourexams t1_jamxugh wrote
https://www.worlddata.info/cost-of-living.php
look at Barbados and Norway
Cost of living is the same, ppp isn't
Maguncia t1_jan32ge wrote
That's purchasing power, not PPP ("purchasing power parity") i.e. the cost of living adjustment used to convert income into purchasing power. Regardless, the initial statement is true - the reason that Switzerland's minimum wage would theoretically be lower is that it has a high cost of living, and thus its purchasing power is lower than its income.
goodluckonyourexams t1_jan65to wrote
read this: https://en.wikipedia.org/wiki/Purchasing_power_parity
Yes, it would be 30% lower but cost of living isn't in the calculation.
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