Fair and equitable

What makes a fair wage?

As they say, a fair day’s wage for a fair day’s work. But what exactly constitute a fair wage? At the most fundamental level, a fair wage is one that, in exchange for, a worker willingly provides a service to an employer, and that the employer willingly compensates the worker for this service it is receiving. It is simple demand and supply coming together in the labour market where neither party is coerced into entering such a contract of service. In the financial markets, we call this price discovery. In a closed labour market, wages should adjust to reflect the…