What constitutes a fair wage The (76) a________ of money that people earn is (77)i________ reality determined not by fairness (78) b________ by market forces. This fact, (79) h________, should not prevent us trying to devise a mechanism for deciding what is the right pay for the job.
A (80) s________ point for such an investigation (81) w________ be to try to decide the ratio which ought to (82) e________ between the highest and the lowest paid. The picture is made more complicated by two factors. The first is the ‘social wage’, that is, the benefits—(83) s________ as holidays, sick pay and maternity leave—which every citizen is (84) e________ to.
Secondly, the taxation system is often used as an (85) i________ of social justice by taxing the rich at a very (86) h________ rate indeed. Allowing for these two things, most countries now regard as socially acceptable a ratio of 7:1 between the best and the (87) l________ paid.
If the ratio is narrower, the highly-qualified people (88) w________ usually carry heavy responsibilities may become so dissatisfied that they end up emigrating (the so-called ‘brain drain’).
But, if it is wider, the (89) g________ between rich and poor will be so great that it will (90) l________ to social tension and, in extreme cases, to violence and revolution.