I live in the U.S but I am Asian. When I visit Asian countries I’m always surprised that food overall (groceries and restaurants) tends to be cheaper, even in wealthier countries like Korea and Japan. Even without tipping culture they seem to be able to pay their workers and keep prices low? How do they do it?
In: Economics
To compare prices between countries you need to use the labor time an average employ has to spend to earn the money to get the item.
This way the differences often shrink significantly.
High loans make high prices,
high prices makes higher loans.
If you compare labor time you will see that a roman soldier 2k years ago got the same as today.
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