Neither will a pair of pants or a souvenir ‘czech me out’ t-shirt. But if you like to sit down at a restaurant, enjoy a local dish, wash it down with beer, and relax by blowing smoke rings then Prague is paradise.īut don’t worry if you forget your shaver at home, it will not cost you much more in Prague. If you are the type of person who goes on vacation to shop for inexpensive electronics and clothes then Czech is not the best vacation destination. The following cost slightly more in Czech: For the Czech people this means they have control over their economy, but for you it means you will need to convert your currency to the Koruna (CZK) and make a quick calculation every time you see a price tag.Ĭompared to the rest of the western world (US, Britain, Germany, etc.) in the Czech Republic: The Czech Republic is a member of the European Union but the national currency is not the Euro. So if you are buying a toothbrush from a street vendor for 2500 CZK you are being ripped off. Ashenfelter, a professor of economics at Princeton University.EMERGENCY ANSWER: If you are reading this on your mobile device because you are buying something in Prague and need to figure out whether you are being ripped off - use this as an comparison: a Big Mac, medium fries and coke costs around 150 CZK. See this link to read the full 2012 paper authored by Orley C. For the other countries, they correspond typically to the two largest cities in the country. For the United States, China and Russia, these numbers reflect an average of about 20 cities, researcher Stepan Jurajda explained in an email. Scroll through the slides to see how the United States compares to other countries, both for wages at McDonald's and the cost of a Big Mac in each place. The researchers are in the middle of complete update, but agreed to share with the findings for 10 countries. What we found is that the National Bureau of Economic Research in Cambridge, Massachusetts, in 2012 published a study comparing the price of Big Macs around the world to what typical McDonald's workers make in those places. But McDonald's, being the giant that it is, often is in the center of the discussion. And even within the fast-food category, McDonald's certainly is not alone. Many jobs outside the fast-food industry pay close to the minimum wage, which in Ohio is $8.10 per hour. We asked that question following the introduction of a proposal to establish a $15 an hour minimum wage in the city of Cleveland.
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