Country or State of U.S.

Monthly cost of living per person (k/12)

The value of human capital K(a, t)

Statutory annual minimum wage (W_r)*⁷

s = W_r/K(a, t)

Belgium, [EUR]

898

390,117

24,879

0.0638

France, [EUR]

932

404,888

27,900

0.0689

Germany, [EUR]

954

414,445

32,567

0.0786

Great Britain, [GBP]

568

246,756

21,416

0.0868

Switzerland, [CHF]

1.617

702,472

47,182

0.0672

Sweden, [SEK]

9.696

4,212,224

283,874

0.0674

Alaska (USA), [USD]

696

302,363

22,493

0.0744

California (USA), [USD]

790

343,199

29,547

0.0861

Colorado (USA), [USD]

725

314,961

27,287

0.0866

Florida (USA), [USD]

638

277,166

19,452

0.0702

Hawaii (USA), [USD]

770

334,510

22,957

0.0686

Idaho (USA), [USD]

531

230,682

16,474

0.0714

Indiana (USA), [USD]

572

248,493

16,474

0.0663

Kentucky (USA), [USD]

527

228,944

16,474

0.0720

Louisiana (USA), [USD]

585

254,141

16,474

0.0648

Maryland (USA), [USD]

630

273,690

25,006

0.0914

Massachusetts (USA), [USD]

807

350,584

28,998

0.0827

Michigan (USA), [USD]

560

243,280

21,944

0.0902

Minnesota (USA), [USD]

638

277,166

22,746

0.0821

Nebraska (USA), [USD]

577

250,666

20,465

0.0816

New Jersey (USA), [USD]

885

384,470

25,006

0.0650

New Mexico (USA), [USD]

498

216,346

20,465

0.0946

North Carolina (USA), [USD]

572

248,493

16,474

0.0663

Ohio (USA), [USD]

523

227,206

19,789

0.0871

Oklahoma (USA), [USD]

506

219,821

16,474

0.0749

Oregon (USA), [USD]

725

314,961

25,576

0.0812

Rhode Island (USA), [USD]

613

266,305

23,866

0.0896

Tennessee (USA), [USD]

490

212,870

16,474

0.0774

Texas (USA), [USD]

543

235,895

16,474

0.0698

Vermont (USA), [USD]

626

271,953

24,922

0.0916

Washington (USA), [USD]

770

334,510

30,687

0.0917

Wisconsin (USA), [USD]

556

241,543

16,474

0.0682

Mean value E(s)

0.0775

Minimum value

0.0638

Maximum value

0.0946

Median value

0.0762

Standard deviation

0.0099