Introduction
Over the past two weeks I have been displaying a Table that I had specifically constructed for this series indicating: 1) the annual public sector nominal minimum wage increases announced by government for the years 2006 to 2013.When these are adjusted for annual price increases (inflation) it is revealed these increases had only grown annually by about one percent on average. And, 2) in the meantime the rate of growth of real GDP over the same period had averaged 4.6 percent annually.
If it is assumed (as I had earlier argued and for the reasons given then) the trend rate of increases in the public sector minimum wage