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At the end of each year, Colombia follows a negotiation protocol that leads to an increase in the minimum wage either by agreement between the parties or, in the absence of such agreement, by government decision. Despite evidence of its adverse effects on the labor market (formal…
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Colombia consistently exhibits one of the lowest levels of productivity in Latin America in relative terms compared to developed countries. Between 1951 and 2015, Colombia's total factor productivity is, on average, just a little more than half that of the United States. This immense gap in…
