"In addition to joblessness, of course, by the working of supply and demand, when you have a larger number of people unemployed, wages do not rise at the normal level, so that we had last year a drop in real wages"
- Tim Bishop
About this Quote
This quote by Tim Bishop is describing the economic results of unemployment. When there is a larger variety of individuals unemployed, the supply of labor boosts, while the demand for labor decreases. This causes incomes to not increase at the regular level, resulting in a drop in real salaries. This suggests that the salaries individuals are receiving are not staying up to date with the rate of inflation, resulting in a reduction in acquiring power. This can have a considerable impact on the economy, as people have less money to invest in products and services, resulting in a decrease in economic activity. This can have a ripple effect, causing more task losses and a decrease in financial development.
This quote is written / told by Tim Bishop somewhere between June 1, 1950 and today. He/she was a famous Politician from USA.
The author also have 26 other quotes.
"The opportunity to create a small world between two pieces of cardboard, where time exists yet stands still, where people talk and I tell them what to say, is exciting and rewarding"
