Minimum wages around the world: “iPad” vs “Big Mac” Index.
The absolute lowest federal minimum wage is in Sierra Leone, where workers can expect just $0.03/hour.
India is the lowest among the larger economies with a $0.28/hour rate.
Australia is at the opposite end of the spectrum, with a whopping $16.88 hourly mandated wage.
The Economist’s “Big Mac index” is a fun way of measuring relative prices in different countries after adjusting for the nominal exchange rate between different countries’ currencies.
Now prepare yourself for an alternative measure, the iPad Mini Index.
- Forget the Big Mac currency index … here comes the iPad Mini Index (forexlive.com)
- Daily Beast doubles down on Big Mac minimum wage nonsense (cjr.org)
- The U.S. has a $7.25 minimum wage. Australia’s is $16.88 (washingtonpost.com)
- Big Mac Index Updated: Global Economics on a Sesame Seed Bun (dailyfinance.com)
The 40 Most Unusual Economic Indicators (dailyfinance.com)