The effect on wages as those huge numbers of people are hired?
If you simply update the approach used in Mr Krugman's 1995 paper to take into account today's trade patterns, you find that the effect on wages has increased.
ECONOMIST: The elusive link between trade and wage inequality
Guilds have about the same effect on wages as unions do.
FORBES: Declining Union Membership Does Not Mean Declining Wages
He believes that positive supply-side forces will continue to damp the impact of strong demand on output prices and that productivity gains will continue to damp the effect of higher wages on unit labor costs.
The Bank has said that it was waiting to see the effect of bonus payments on wages before making a decision to raise interest rates further.
The effect of low-skilled immigration on wages, along with the declining value, in real terms, of the minimum wage, have made the decision of young people not to enter the workforce a no-brainer.
In theory, then, the net effect of immigration on native wages is uncertain.
The figures also suggest that the recession is having an immediate and unprecedented effect on wages.
This was brought out in recent research by economists at the Resolution Foundation (you see I have been doing my homework....) It found that higher unemployment was now having a much greater "chilling effect" on wages than in the past.
But low wages may have less effect on poverty than the fact that the poor are not working full-time.
For most Portuguese workers the tax rises that came into effect on January 1 are equivalent to more than a month's wages.
If wages are taxed, and the interest on savings is taxed also, then anything saved out of your wages is, in effect, taxed twice.
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