Tuesday, October 12, 2010
Economic Misconceptions
What percentage of people would you expect are getting paid the minimum wage (of those who have jobs, that is)? How much has income, adjusted for inflation, gone up in the past sixty years? What's the average net profit as a percentage of sales? See Marginal Revolution
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My guesses before I look:
12% minimum wage (of those getting paid for a job)
Income, adjusted for inflation, increased since 1950? I'm inclined to say no more than 10%, perhaps even zero or a negative figure.
Net profit? I'd guess on the order of 8-15%, although part of what keeps that low is some of the ways they can sequester money into the business by extracting it from gross profits as various dubious expenses or costs.
Let's see how I did....
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