In economics, the equilibrium wage is the wage rate that produces neither an excess supply of workers nor an excess demand for workers and labor market. See economic equilibrium.
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Famous quotes containing the words equilibrium and/or wage:
“They who feel cannot keep their minds in the equilibrium of a pair of scales: fear and hope have no equiponderant weights.”
—Horace Walpole (1717–1797)
“I think it is a wise course for laborers to unite to defend their interests.... I think the employer who declines to deal with organized labor and to recognize it as a proper element in the settlement of wage controversies is behind the times.... Of course, when organized labor permits itself to sympathize with violent methods or undue duress, it is not entitled to our sympathy.”
—William Howard Taft (1857–1930)