The Spread in Labor Costs Across the European Union
The Spread in Labor Costs Across the European Union
In a common market, labor costs will look fairly similar across areas. Sure, there will be some places with differing skill levels, different mixes of industry, and different levels of urbanization, thus leading to somewhat higher or lower labor costs. But over time, workers from lower-pay areas will tend to relocate to higher-pay areas and employers in higher-pay areas will tend to relocate to lower-pay areas. Thus, it s interesting that the European Union continues to show large gaps in hourly labor costs.
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Iceland
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