The creation of a retirement program,such as the Social Security program,will cause an increase in the wage rate,ceteris paribus.

Question

Quizplus · Accepted Answer

A retirement program, such as the Social Security program, provides a safety net for workers in their old age. This reduces the risk of workers having to work in low-paying jobs in their later years, which in turn increases the demand for labor and thus the wage rate.

The Creation of a Retirement Program,such as the Social Security