What does it mean to earn more money in different countries and currencies?
I am confused exactly what the means.
For example, take Norway and Canada.
Average wages in Norway are higher, but prices are also higher. So how exactly does that mean wages are higher? Surely the value of a currency is based on its ability to purchase things?
So wouldn't it be better to live and work in a country with the best wage:price ratio?
Monthly wages in two countries:
Canada $4,134
Norway $5,418
Canada is much bigger than Toronto. What may be true in Toronto is certainly not true in Edmonton or Vancouver or Halifax.
>>1521074
Not always. Compare what you have in each country (ie: health care, public transport, ability to walk to places, etc.) and you may notice that even though a country has a worse ratio, it may be better to live in because of how many of your expenses are covered.
The richer you become, the more important that wage:price ratio becomes.
it also has an impact on the wealth distribution and the size of the middle class
there's an interesting graph on the internet that I can't be bothered to find, but it shows the wealth distribution of multiple countries and the size of the respective wealth classes
basically in Northern europe countries where the standard of life is very high and the wages/prices too, the middle class is considerably bigger than in countries with extreme wealth distribution inequalities such as the USA, the UK, France...
>>1521112
Do you know the term for a tax that will be paid either privately or through taxes that all poor people pay, but that rich people only pay through taxes? Can't remember. It's ________ taxation or something.
>>1521102
>Compare what you have in each country (ie: health care, public transport, ability to walk to places, etc.) and you may notice that even though a country has a worse ratio, it may be better to live in because of how many of your expenses are covered.
Those expenses are covered with higher taxes, so you're still paying.