Why are the real wages in industrially advanced nations such as the US higher than in developing countries suc
Answer:
Because the US is more technologically advanced, which leads to lower prices relative to income <=> remember that Real Wage = Nominal Wages/Price Level.
Because the average US worker has more education and has access to better technology (computers, machinery and equipment, factories, etc.).
Because they dont have a well developed economy. And in the US real wages have been stagnant for all but the rich for a long time.
USA is a very rich nation in the world.
National Average Income is very high.
Major source of income by sale of Technology and Arms to thirld world countries.
Same is applicable to Group of Rich Nations (Seven excluding Russia) in the world.
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