Before the last General Election politicians were arguing about the effects of a minimum wage policy. One was suggesting that we should have a minimum wage that was a certain percentage of the mean wage, while another claimed that such a policy would be inflationary, with wages spiralling up like a dog chasing its tail. What struck me was if you give some people an increase in salary to a fraction of the mean salary then you’ve increased the mean, so you’ll have to do it again. Might this process not lead to wages spiralling up to infinity?