Yaz asked in Social ScienceEconomics · 10 months ago

How are individuals in a low wage, and high wage workplace, affected by the market forces, and rapid innovations of today's world?

I am thinking labor supply, demand, and wages.. but I need a little but more help with this. Trying to gain a better understanding if possible.

2 Answers

  • Oiy
    Lv 6
    10 months ago

    Both will be affected by boom and bust, inflation or recession. It's like the best luxurious German car must experience a traffic jam like the cheapest Chinese car. In the case of innovation, the production function will shift upward, means the same input can produce more outputs. Great for you. How about the guys who have never got any jobs? no one will hire you because of innovation. Shame on them.

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  • VAA
    Lv 4
    10 months ago

    Housing. I live in Nevada and hear horror stories of not only low wage earners but suit and ties living in their cars or in shelters because of a national affordable housing crisis. The public generally believes it is only the addicted and the poor unemployed that are affected by this, but they are so wrong. High paid workers with degrees have memberships at the gym or the YMCA where they can shower daily so that they are able to go to their jobs fresh and clean as to not tip off those they work with that they are actually homeless.

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