Between fair and reasonable wage levels: macroeconomic comparisons by countries and regions

The article proposes a macroeconomic approach to the analysis of international and interregional differences in the level of wages. This approach is based on the idea that the overall level of wages in a country or region cannot be “fair”, but it can be justified from a macroeconomic point of view. The justification is proposed to be made through the relationship between labor productivity, as a quotient of the division of GDP (GRP) by the number of employees, and the annual wage fund of the employee. The purpose of the article is to find a way to estimate the “understated” or “inflated” labor price, and depending on this, create a basis for solving questions about the relationship of wage levels with inflation, unemployment and labor productivity. The practical significance consists in demonstrating a simple method of quantifying the overestimation or underestimation of the level of wages in a country or region, and on this basis developing recommendations in the field of macroeconomic, social, labor policy.