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How To Calculate Your Wage

Using a $30 hourly rate, an average of eight hours worked each day, and 260 working days a year (52 weeks multiplied by 5 working days a week), the annual unadjusted salary can be calculated as: $30 × 8 × (260) = $62,400.

(Chuck Muth) – Today on The Daly Show: Skip votes for FEWER schools.

In 2015, Republicans in the Nevada Legislature passed a law allowing construction companies for public school projects to pay a free-market wage rather than the mandated union wage (“prevailing wage”).

As columnist Victor Joecks noted, the Nevada Policy Research Institute found that Nevada’s “prevailing wage rates” – arbitrarily set by the state Labor Commission – “are around 45 percent higher than market wages.”

The nominal wage rate is the average hourly wage rate measured in current dollars and the real wage rate is the average hourly wage rate measured in dollars of a given reference base year. Real wage rate by FSCJ is licensed under CC-BY-4.0. The real wage rate is the quantity of goods and services that an hour’s work can buy.
(Chuck Muth) – Today on The Daly Show: Skip votes for FEWER schools. In 2015, Republicans in the Nevada Legislature passed a law allowing construction companies for public school projects to pay a free-market wage rather than the mandated union wage (“prevailing wage”). As columnist Victor Joecks noted, the Nevada Policy Research Institute found that Nevada’s “prevailing wage.
What is the difference between real and nominal wage, GDP, interest rate, and money demand? A nominal wage is the rate of pay for an employee. You might be paid $10.00 an hour and that is your nominal wage. A real wage is what you can buy with you.

And as a Las Vegas Review-Journal editorial noted, this change meant we could build “five schools for the price of four.”

A GREAT cost-saving benefit to taxpayers.

But that meant nothing to Assemblyman Skip Daly (D) – who moonlights during sessions and in the off-season as head honcho of Laborers Union #169 in Reno.

Find Real Wage Rate With Money Wage Rate Calculator

As such, Daly’s priority is the union members who pay his gold-plated, six-figure annual salary, not Nevada’s taxpayers. In fact, an article in the Reno Gazette-Journal once referred to him as the “go-to guy for organized labor.”

So in 2017 Daly sponsored a bill to repeal the GOP’s fiscally responsible reform law which would, as Mr. Joecks pointed out at the time, “increase government construction costs by mandating that schools pay more for buildings.”

Tray Abney, then with the Reno-Sparks Chamber of Commerce, agreed, testifying that the bill “makes it more expensive to build schools.”

Added the Las Vegas Review-Journal in an editorial…

“(I)t’s not about the children at all. It’s all about the money to line the pockets of Democrats’ labor union backers, with taxpayers footing the inflated bill, of course.”

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Daly’s bill passed in the Democrat-controlled Legislature but was vetoed by then-Gov. Brian Sandoval (R).

He brought his repeal bill back in 2019. This time it passed and was signed by incumbent Gov. Steve Sisolak (D).

Has that resulted in major increases in school construction costs? It certainly appears so.

For example, in 2015 the cost estimate to build a replacement for Hug High School in Reno was $110 million. Today – after Daly’s bill was signed into law – the projection is tagged at $252.72 million!

How To Calculate Your Wage

How much of that $142.72 million boost was due to Daly jacking up the cost by forcing the builder to pay the higher union wage rate instead of the lower market rate on the project?

A good question to ask Washoe County commissioners.

On his website Daly boasts that he “will work with everyone to put the interests of our state ahead of extreme partisanship, and find real solutions to the problems and needs facing our state.”

But when given the choice to side with the interests of his dues-paying union members vs. the interests of the state’s taxpayers…Daly gave taxpayers the shaft.

Coming Up Next on The Daly Show…

Skip Daly sucker punches disabled man at union meeting. Film at eleven.

For more information or to get The Daly Show delivered right to your email inbox, sign up at skipdaly.info

Mr. Muth is president of Citizen Outreach, publisher of Nevada News & Views and founder/owner of The Campaign Doctor. He blogs personally at www.MuthsTruths.com

Read this article to learn about the fundamental relations among money wage, real wage and employment.

The classical theory of employment is based upon certain fundamental relations and assumptions relating to money wages, real wages, and the system of wage rate adjustment.

Under this system, money wage, real wage, and employment are uniquely related. There is a direct relation between real wages and money wages, as the labour’s demand is primarily a demand for real wage and not for money wage.

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An increase in money wage rate implies an increase in real wage rate and a cut in money wage rate amounts to a cut in real wage rate.

It would be of great use to understand that both classicals and Keynes agreed that real wages stood reduced as employment increased but they differed as regards as mechanism and the way reduction in wages was to be sought. According to classicals, if the wages are flexible, there would be no unemployment as the real wages fall and rise with corresponding variation in the marginal productivity of labour and when workers refuse to accept a wage which corresponds to their marginal productivity, there may be unemployment, but its nature would be essentially voluntary.

Keynes defined involuntary unemployment as that unemployment which could be done away with by cuts in real wage rates. Thus, the whole question of the connection between money wages and real wages is a more complicated one than has hitherto been supposed, and the correct answer seems to be that no single generalization about the connection between them holds true of all situations.

The simple and obvious classical theory of employment is based on two fundamental postulates— the first is that “wage is equal to the marginal product of labour.” Accepting the law of Diminishing Marginal Productivity as employment increases, any increase in employment is necessarily associated with lower real wage rates in equilibrium conditions. If, however, the unemployment still persists, it must be due to the refusal of the workers to accept the lower real wage rate which corresponds to the marginal product of their labour.

The second postulate of the classical theory is that “the existing real wage is equal to the marginal disutility of employment,” i.e., “the utility of the wage when a given volume of labour is employed is equal to the marginal disutility of the amount of employment”. “That is to say, the real wage of an employed person is that which is just sufficient (in the estimation of employed persons themselves) to induce the volume of labour actually employed to be forthcoming. Disutility must be taken to cover every kind of reason which might lead a man, or a body of men, to withhold their labour rather than accept a wage which had to them a utility below a certain minimum.”

This postulate implies that workers’ demand is essentially for real wage and not for money wage and the relationship between them is direct. The second postulate gives the supply schedule for various amounts of employment forthcoming at different real wage rates (W/P), while the first postulate gives the demand schedule for employment. “The amount of employment is fixed at the point where the utility of the marginal product balances the disutility of the marginal employment.”

The two postulates would get simultaneously satisfied at the point of intersection (E in the figure) of the demand schedule and the supply schedule for employment which is called the point of equilibrium. The classical postulates do not admit the possibility of involuntary unemployment, as to them the economy would be normally at the full employment equilibrium—the rest is either frictional unemployment or voluntary unemployment.

Short-run Classical Model:

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It is based on the following relations a