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:
“When a person hasn’t in him that which is higher and stronger than all external influences, it is enough for him to catch a good cold in order to lose his equilibrium and begin to see an owl in every bird, to hear a dog’s bark in every sound.”
—Anton Pavlovich Chekhov (1860–1904)
“The matter of consulting experienced workers, of keeping all the workers informed of changes in production and wage methods, and how the changes are arrived at, seems to me the most important duty in the whole field of management.”
—Mary Barnett Gilson (1877–?)