Interview with Paymill founder Mark Fabian Henkel

Interview with Paymill founder Mark Fabian Henkel Mark Fabian Henkel, CEO and co-founder of the payment startup Paymill, shares his startup story and major learnings from his entrepreneurial journey.What made you become an entrepreneur, Mark?The daily work as a consultant wasn ´t challenging me anymore and I felt it was the same day every day. I wanted to build up something myself and benefit from the experience I gained from the years before. Taking care of my own business gave me the opportunity to really change something within the industry and create a valuable feature for e-businesses.How did you come up with the business idea of Paymill and why did you choose this idea over other ideas you might have had?I saw the lack of such a product in Europe and the process back then for startups and young entrepreneurs to start their online business was very complex. We wanted to be a startup for startups, helping those to focus on their business, not wasting time to work on a solution themselves to process their payments.How did you acq uire your first customers? Which channels and tactics did you use?Actually word of mouth. In the early beginnings we ran from event to event, convinced friends and business partners of our great idea, trying to sell our solution. We invested our budget rather in product development, than into paid sales or marketing channels. It have been crazy times then, but the experience was great. Looking back it feels just incredible that we now have dedicated sales and marketing teams, who take especially care of spreading the word and selling our products.Can you please describe how the business model of Paymill works in detail (e.g. value proposition, revenue model, customer segments, channels)?That ´s simple: Online payments made easy. We offer an easy and secure payment solution for online and mobile businesses with various payment methods through one API. Merchants are free to design their own checkout however they like, they can easily integrate our API keys into their system to start a ccepting online payments worldwide in more than 100 currencies. The merchants sign up for a free account and can manage all transactions within one dashboard and minimum effort of implementation.Bill Gates said once People overestimate what they can achieve in 1 year, but underestimate what they can reach in 10 years. What was your expectation of Paymill when you started?Bill Gates is right. We thought we can achieve way more in the first months. But looking back now, after more than three years, we did great. We built a product which is widely used in Europe and really gives added value to our customers. Still after three years, the whole (now massively grown) team works with dedication, enthusiasm and conviction towards our 10th anniversary.Can you paint a vivid picture of the very early days starting Paymill before having an external investor? What was a day like? What things did you focus on?There was no focus, there were so many things which needed to be done. Partnerships, mar keting, starting pitches etc. When you first start you want to perform great, put all efforts in product development and work, work, work! We are greatful to have those great investors on our side, who helped us to sort things out and supported us on structuring the company. We still benefit from their experience.What tips did your investors provide you with? What things did you change that had a lasting positive impact on your business?They already gave us in an early stage the advise to test new products with existing merchants before the official product launch. This was very valuable, since we ´ve learned how to avoid growing pains right before they happen. Also they taught us how imporatent it is to listen to the customers and to do interviews and surveys on a regular basis, to understand how they develop and what they expect from us as a service provider. We are growing with our customers, and they do with us.What things would you have changed and how, if you could turn time b ack?Having a product in mind is important, listen to your target group is more important. As said, we worked with high pressure on developing and enhancing our product, because we had this great idea in mind. Today everything is data driven. We would take advantage of this and put more efforts in research and analysis to understand the customers’ needs and requirements.What would you do today, if you would start a company and wanted to learn about the customer needs?I ´d try to learn everything about my target group right from the beginning. Today everything is about meeting your customers’ expectation, giving enough freedom of individualisation, but also deliver a implementation-ready product. You need to find a balance to serve your customers what they need, but stay efficient at the same time. Agile development and project management make this possible. The keyword is focus.How did you find and convince investors to put money in your business?Stubbornness, persistance, and go od knowledge about your numbers are the keys. You have to be conviced about your product and ideas, only then you can convince others to believe in your company. As said, we worked with high dedication and euphoria in those days, and we do it now.What is your perception of the development of the startup ecosystem in Germany?The growth of the startup scene and entrepreneurial community is incredibly exciting. It was never so easy and never so hard at the same time to start your own business. Especially online businesses do not only compete with local businesses anymore, but also with others all around the world. It ´s hard to find a really new idea and be the first one in this globalized market. On the other hand, there have never been more Investors, Incubators, Business Angels or startup events to help young entrepreneurs to establish their business and deliver valuable support especially at the start. There are many chances out there, young start up founders can take advantage of! Besides payments, what current business ideas do you perceive as truly disruptive? Which industries are ripe for disruption?There are many business opportunities outside, indeed. I ´d say everything which is about automating processes or making consumer lives easier can be successful. But do you know what would be truly helpful? If someone finds solutions for social problems instead of how to easily become a millionaire. We have this great benefit of being born and raised in central Europe. Everyone should take advantage of that lucky coincidence and give something back.

The Egyptian Book Of The Dead Essay - 1716 Words

The Egyptian Book of the Dead was used primarily from the establishment of the New Kingdom in 1550 BCE to 50 BCE. It consisted of the collection of texts and spells designed to assist the deceased in their journey to the next world. The book of the dead was part of a custom of memorial texts that consisted of the past Coffin Texts and the Pyramid Texts that were decorated on objects. Spells were drained from the past works and other Egyptian history courting to Third Intermediate Period (Budge, 2012:21). Some spells were combined to make a book which was continuously adorned into the tomb walls. Later on, the Book of the Dead was retained in the burial chambers of the dead person. Most of the people commissioned their copies of the books of the dead, and chose the spells that they opted to be most vital in their progression to the afterlife. There was no particular Book of the Dead as people had the freedom to decide what they thought was good for them. The spells were the determinant of how the life will be after death, thereby leaving them with the option of choosing those spells that they felt were most appropriate. The people were supposed to recite the chapters about the beautification of the dead for them to gain power and privileges of the new life. The pictorial presentation in the Book of the Dead played an important role in the magical ritual (Quirke, 2013:172). The pleasures of the dead were to sail to heaven using the boat of Ra and to secure this the deceasedShow MoreRelatedThe Egyptian Book of the Dead620 Words   |  3 PagesThe Egyptian Book of the Dead The Book was originally intended as a set of spells and incantations meant to insure safe passage for the soul of a deceased person into the Underworld. Some of the ending chapters include instructions on not dying a second time, meaning how not to die in the underworld and thus having no chance of being reborn or living a full afterlife. The original text--at least, the bits and pieces that modern scholars possess--consists of a set of hymns, beginning withRead MoreThe Code Of Hammurabi And The Egyptian Book Of The Dead986 Words   |  4 PagesMesopotamia and Egypt are depicted in The Code of Hammurabi translated by Theophile J. Meek and in The Ancient Egyptian Book of the Dead translated by R. Faulkner. The King of Babylon, Hammurabi himself in 1700 BCE, wrote The Code of Hammurabi containing severe two hundred and eighty two law codes that the whole society was to follow. Similarly to law codes, The Egyptian Book of the Dead was used in the New Kingdom that is around 1550 BCE t o around 50 BCE, it also served as a platform way of lifeRead MoreReligion And The Egyptian Religion Essay1634 Words   |  7 Pagesit comes to the perceptions of death, often times death does not signal the end of all things in most religions. 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Egypt is most known for its pyramids, mummies, pharaohs, and its’ polytheistic religion. The Egyptians answer to the terrible question â€Å"Why are we here?† The Egyptians believed that they were to spend their lives preparing for their afterlife as seen through their literature, architecture, and burial rituals. Furthermore, The Egyptians most famous preparation for the afterlife is easiest seen through their architecture. The early kings of Egypt would spend theirRead MoreAncient Egypt : A Tomb For The Pharaohs Of The Old Kingdom1208 Words   |  5 PagesThe Sphinx-†¨ The Sphinx was built as a tomb for the pharaohs of the Old Kingdom in Egypt. The mixed form, both animal and human, is significant, especially since they were normally just built as regular pyramids. It is an important symbol of Egyptian kingship and religion because pharaohs were expected to be a form of a god that is capable of living on earth in person form. 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Heroism, Magic and Retribution in Lord of the Rings and...

Heroism, Magic and Retribution in Lord of the Rings and The Hobbit A fantasy is an imaginary world where all things imaginable can be brought to life. J.R.R Tolkien portrayed fantasy through his use of skilled craftsmanship and a vivid imagination, which was presented in each piece of literature he wrote. In Tolkiens two stories The Hobbit and The Lord of the Rings we see the theme of fantasy brought to life through three essential elements, heroism, magic and retribution. Heroism is shown through the characters courage and bravery in situations where conflict arises and this enables them to be seen in a new light. Magic is a form of extraordinary power seemingly through a supernatural force; it is used in a combination of combat†¦show more content†¦As a child this character encountered Smaug for the first time while fleeing the ruination of their city; now even though Bard was overcome with the fear that every mortal has when they are near one of these tremendous beasts, he was determined to stand his ground due to the love he had for the ir small town. He was able to accomplish this impossible task because a small thrush perched on his shoulder and told him of the one weak spot of the dragon, the hollow of its left breast. Bard then inflicted death upon the terrible Smaug with his last arrow and was nearly killed himself by the tremendous weight of the beast in the process, but he jumped out of the way and into the water just in the nick of time. With a shriek that deafened man, felled trees and split stone, Smaug shot spouting into the air, turned over and crashed down from high in ruin. (229) A character that displays the traits of heroism is one who overcomes the odds through the use of unique and valuable qualities; this remains just as true in The Lord of the Rings as it does in The Hobbit. One truly heroic act occurred when Gandalf the Great, determined to defend the fellowship took on a Balrog, this huge, bat-like source of evil stood on the bridge to freedom and did battle with the poor mage. Gandalf, stricken with fear caused the bridge to collapse and with it fell the Balrog. However, with one last effort

Barker, Social Contract(Rousseau) Free Essays

In Social Contract, Jean-Jacques Rousseau draws some interesting conclusions and makes some very interesting points about the dynamic that human beings have to go through when dealing with each other. His main points in the book have to do with the fact that men are not meant to be held down, nor or they meant to be restrained in any way. Instead, men were meant to run free and be able to make their own decisions as much as they possibly can. We will write a custom essay sample on Barker, Social Contract(Rousseau) or any similar topic only for you Order Now I think that this book takes the completely complicated question of human nature and breaks it down in a way that is a little bit easier to understand. The first and most prevalent point in the book is about how people are not meant to be held down or restrained. According to the thoughts of Jean-Jacques Rousseau, freedom and liberty are things that help both people and societies thrive and survive. More than anything else, people desire this type of freedom because it makes them feel like they can do what they were meant to do. In my opinion, this is a driving force for societies. Because of human nature and how we are wired, people are not meant at all to be held down and they are not meant to have to conform to what society tells them to conform to. When a society feels like they are being held down or enslaved by another group of people, it is just a natural thing to want to break free of that oppression and spread their wings. This book also takes an interesting look at the role of government and how it impacts the way people treat each other. Like many of the prevalent thinkers of his time, Rousseau holds onto the opinion that big government is a limiting factor instead of being something that has a positive impact on the people it purports to help. With that in mind, government should be limited as much as possible, especially when there is a chance that some sort of corruption exists underneath the surface. I think this is a cynical way to look at life, but given the circumstances that were around for Rousseau and many of his fellow thinkers, it is easy to see where one might be compelled to think this way. I don’t think that it is necessarily healthy to hold onto this opinion in terms of today’s government, but there are some very interesting lessons that can be gleaned. This book takes the opportunity to touch on a number of political topics and how they affect people and it does not miss. The author obviously has a healthy fear of big government, which was extremely important during his time. I think that the consideration of force among peoples is an extremely important consideration, as well. Individuals can either conform to force as it confronts them or they can take the forces in their way and direct them. I think that it is difficult for most people to grasp having unnecessary force being put on them. As the author wrote in the first part of the book, men were not made to be enslaved, so that is not a natural thing for them to have to put up with. This understanding is essential to getting to know human beings and further, understanding society at large. How to cite Barker, Social Contract(Rousseau), Papers

Black Like Me Racism Essay Research Paper free essay sample

Black Like Me: Racism Essay, Research Paper John Howard Griffin encountered several incidents of racial favoritism in the South as he posed as a black adult male. Griffin felt that most of the incidents occurred non because the culprits were average people, but that they were ignorant of tolerance and credence. Several illustrations of know aparting incidents that Griffin encountered were the clip when a auto full of white male childs drove by and threw a tangerine at Griffin ; the clip when a white # 8220 ; bully # 8221 ; pursued Griffin for no ground ; and the clip when a Louisiana coach driver refused to allow Griffin off the coach at his halt. First, an illustration of racial favoritism is the clip when a auto full of white male childs drove by and threw a tangerine at Griffin. Griffin was in Mississippi walking down Mobile Street when a auto full of white male childs drove by and shouted lewdnesss at Griffin, who was walking entirely. We will write a custom essay sample on Black Like Me Racism Essay Research Paper or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page One of the male childs proceeded to throw a tangerine at Griffin # 8217 ; s caput, but it missed and splattered on a wall behind Griffin. Although the tangerine missed his caput, Griffin felt the # 8220 ; insane panic # 8221 ; of the incident, and realized how intense the tenseness between inkinesss and Whites was in Mississippi. Griffin besides learned that racists don # 8217 ; t ever recognize how stupid and childish their stereotypes and actions are. In add-on to the drive-by incident, another illustration of racism is the clip when a white # 8220 ; bully # 8221 ; pursued Griffin for no ground. Griffin was in New Orleans, in hunt of a caf, when a white adult male much stronger and younger than Griffin got up from his place and started to follow Griffin. The adult male yelled things like, # 8220 ; Hey, Mr. No-Hair, # 8221 ; # 8220 ; Baldy, # 8221 ; and # 8220 ; Shit-head # 8221 ; to Griffin but Griffin merely quickened his gait. Griffin approached a coach halt where a few Negroes were seated, told them of his state of affairs, asked for their aid, and turned about to indicate out the white adult male ; nevertheless, he was non in sight. The Negroes seemed annoyed with Griffin and assumed he was rummy. Griffin, amazed at their coldheartedness toward his fortunes, continued walking. He shortly realized that the white adult male had started to follow him once more. Griffin eventually got the bravery to name the white adult ma le into an back street to contend him. Griffin walked into the back street, afraid T hat the bully would really follow him, and turned about to see if the tough was coming. The bully, nevertheless, did non follow Griffin into the back street. Griffin was highly relieved but still nervous. The significance of the state of affairs was that Griffin learned that toughs are weak inside, and their failing can be proved when they are reasonably challenged. In add-on to the drive-by incident and the intimidation incident, another illustration of white racism is the clip when a Louisiana coach driver refused to allow Griffin off the coach at his halt. Griffin was ready to acquire off the coach and peal the bell at his halt. The driver stopped and opened the door. Griffin walked all the manner from the dorsum of the coach to the last measure when the driver shut the door in Griffin # 8217 ; s face. Griffin asked courteously to be let off, but driver refused. Griffin was careful non to lose his pique because he thought it might endanger the Negroes # 8217 ; position in the country. Griffin, unable to go out the coach, returned to his place. On the manner back to his place, Griffin noticed a white adult female who watched him with understanding but would non recommend for him. Without help, Griffin sounded the doorbell at every halt. Eight blocks past Griffin # 8217 ; s original halt, some Whites wanted to acquire off the coach so the dr iver stopped to allow them off. Griffin got up to go out every bit good, but before he got away, he asked the driver if it was all right, and the driver answered yes-as if he was tired of the game. Griffin was astonished by this deliberate act of inhuman treatment, and realized that some Whites were racist merely because it was merriment. In decision, Griffin feels commiseration for the Southern white people because they have the typical racist-mentality. Griffin feels that they are non needfully bad people, but that they are nescient of the thoughts of tolerance and credence. The clip when a auto full of white male childs drove by and threw a tangerine at Griffin ; the clip when a white # 8220 ; bully # 8221 ; pursued Griffin for no ground ; and the clip when a Louisiana coach driver refused to allow Griffin off the coach at his halt are all illustrations of white racism towards Griffin in the South. These illustrations illustrate that Griffin realized what it felt like to be judged based merely on his tegument colour, non on his capablenesss, qualities, or mind.

The Ashikaga (Muromachi) Shogunate vs. the Minamoto (Kamakura) Shogunate Essay Sample free essay sample

Introduction The subject of this paper is mediaeval Japan. straddling the three and a half centuries between the reasoning decennaries of the 12th century when the Kamakura bakufu was established and the mid-sixteenth century during which civil wars fumed following the effective failure of the Muromachi bakafu. The chronological events and betterments of these lively centuries depict mediaeval Japan’s civil order. economic system. society. and civilisation. every bit good as its associations with its Asiatic neighbours. This was the period of warriors. Throughout these centuries. the power of the warrior category continued to lift. and one political consequence of this development was the formation of two warrior authoritiess. or bakufu ( Hall ) . The Minamoto ( Kamakura ) Shogunate The initiation of Japan’s foremost warrior disposal. the Kamakura bakufu. characterized both a expiration and an gap. Since the 10th century. an progressively professionalized category of mounted contending work forces had served in local countries as estate decision makers and police officers and as functionaries attached to the variety meats of provincial administration. We will write a custom essay sample on The Ashikaga (Muromachi) Shogunate vs. the Minamoto (Kamakura) Shogunate Essay Sample or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page By the 12th century. warriors had come to exert a dominant portion of the entire volume of local authorities. but even after two hundred old ages they remained politically immature. The most elevated warriors were still merely middle-level figures in hierarchies dominated by messengers and spiritual establishments in and near the capital. The bakufu’s initiation in the 1180s therefore represented an initial discovery to power on the portion of elect contending work forces. but the fledging government was barely in a place to presume unitary control over the full state. What was evolved was a system of authorities come closing a dyarchy. During the Kamakura period. Japan had two capitals and two interrelated venue of authorization. The potency of warrior power was clear plenty to those who cared to visualize it. but the bequest of the past prevented more than a slow advancement into the hereafter ( Varley ) . The Kamakura dictatorship was sorely tested when the Mongols attempted twice to suppress Japan with the largest naval armada of all time assembled. On both occasions. the Mongol naval forces was destroyed off the seashore of Kyushu by typhoons. which were calledkamikaze( divine air currents ) . The cost of constructing military munitions in Kyushu contributed to the ruin of the Minamoto kin. It was succeeded by the Ashikaga kin. which moved its military capital to the Muromachi country of Kyoto. As a consequence. Kyoto became the capital of both the imperial tribunal and the military dictatorship ( Young and Young ) . The Ashikaga ( Muromachi ) Shogunate Ashikaga Takauiji founded the Muromachi dictatorship in 1336. Relative latecomers to Kyoto. the Ashikaga warriors basically changed the power balance in the metropolis by set uping their central office at that place. Unlike the Kamakura dictatorship. which had maintained merely a limited presence in Kyoto. for a clip the Muromachi dictatorship made Kyoto the really base of the warriors. who were chiefly a provincial phenomenon. Despite their military capablenesss. nevertheless. they were non able to hold their manner in Kyoto wholly. In the mediaeval balance of multiple elites. both the nobility and the spiritual constitution continued to be forces to postulate with. Nevertheless. the warrior impact on Kyoto was shortly apparent. The Ashikaga and their protagonists were non simply the latest swayers to get in the metropolis. The of import functional difference between them and the other elites was based in portion on their military capacity: metropolis disposal. including adjudication and the enforcement of jurisprudence and order. frequently involved the usage of force. or at least the menace of force. Their application of bing warrior legal conventions to a broader societal spectrum was besides a important factor in their ability to administrate the metropolis. Finally the Muromachi dictatorship came to judge differences non affecting warriors: two blue bloods. for illustration. or an blue blood and a temple might turn to the dictatorship as the lone entity whose authorization carried adequate weight to make up ones mind a difference. By the early 15th century the dictatorship. like the imperial tribunal in early times. was recognized as the city’s decision maker ( Gay ) . The Muromachi dictatorship was the weakest of the three dictatorships – Kamakura. Muromachi. and Tokugawa – of pre-modern Japan ( Kanno ) . Even at its extremum under the 3rd Ashikaga shogun. Yoshimitsu. at the terminal of the 14th century and the beginning of the 15th century. the shogunate’s enforceable authorization extended merely partly beyond the cardinal and western states of Honshu and the island of Shikoku. The Kanto was neer steadfastly under cardinal Ashikaga control. and in the early 15th century this of import part lapsed into disunion ( Embree and Gluck ) . The gradual waning of the centralised power of the Ashikaga dictatorship came to an terminal in Kyoto with the Onin civil war ( 1467-77 ) caused by the competition between two baronial households closely related to the house of Ashikaga. The dictatorship was so diminished that it could non command the rival cabals or forestall the war. which disseminated the population of Kyoto and caused the devastation of countless antique memorials. With the terminal of the Onin war in 1477 began Japan’s ‘Hundred Years’ War’ in which warfare among the daimyo was endemic. It was a century of feudal system without any cardinal authorization. Even the old imperial system which had maintained some administrative legal power over outlying parts became defunct ( Fletcher and Cruickshank ) . Plants Cited: Embree. Ainslie Thomas. and Carol Gluck.Asia in Western and World History: A Guide for Teaching. Armonk. New York: M. E. Sharpe. 1997. Fletcher. Banister. and Dan Cruickshank.Sir Banister Fletcher’s a History of Architecture. 20 erectile dysfunction. Jordan Hill. Oxford: Architectural Press. 1996. Gay. Suzanne Marie.The Moneylenders of Late Medieval Kyoto. Honolulu. Hawaii: University of Hawaii Press. 2001. Hall. John Whitney.The Cambridge History of Japan. Vol. 3. Cambridge. United kingdom: Cambridge University Press. 1999. Kanno. Eiji.New Japan Solo. 4th erectile dysfunction. New York: Kodansha International. 1998. Varley. H. Paul.Nipponese Culture. Honolulu. Hawaii: University of Hawaii Press. 2000. Young. David. and Michiko Young.Introduction to Nipponese Architecture. Osaki. Shinagawa-ku. Tokyo: Tuttle Publishing. 2004.

Discuss the rationale behind the WS and Essay

Discuss the rationale behind the WS and Essay Discuss the rationale behind the WS and Essay Discuss the rationale behind the WS and PS curves (12 marks) Keynesian macroeconomics assumes that markets are imperfect and this as the result of lack of competition. The implication of imperfect market is that agents are no longer price takers as in perfect markets, but become price setters. In product markets the firms are price setters considering the elasticity of demand which is partly dependant on competition. In the labour market, workers are the wage setters. Through collective bargaining Trade Unions set wage rates, considering the elasticity for demand for labour and the level of local unemployment. â€Å"A worker who is employed in an area of high unemployment earns less than an identical individual who works in a region with low joblessness†. ( www.njfac.org/us19.htm last accessed on the 19th March 2014). When price taking behaviour is accepted, it changes how macroeconomics is analysed as inflation, unemployment, monitory policy, fiscal policy etc. The wage equation (WS) sets a relationship between the wage (WP) and the level of unemployment (E) in the economy, and is considered from the worker’s point of view. WS shows the rates of real wages that would fulfil the level of expectations of workers at different levels of unemployment. The Price Setting equation (PS) also sets up a relationship between the wage (WP) and the level of unemployment (E) but is viewed from the prospective of the firm. PS shows the rate of real wages that would fulfil the expectations of the firm at different levels of unemployment. When the two curves meet, the real wage at the point of intersection will meet the expectation of both the firm and the worker; thus equilibrium is established by the intersection of the PS and WS. When Trade Unions / workers bargain with employers regarding the money wage (W) consideration must be given to the state of employment and the expected selling price level of the product in the future. With employment, the higher the level of employment (E), there is a lower level of unemployment (U) this then provides an opportunity for greater bargaining power in relation to the wage rate. With regards to the expected product price, if it is anticipated that product price will rise during the next period, trade unions will seek a higher wage rate to compensate for the higher prices. Wage setting Real Wage Curve (WS) The wage setting curve is upward slopping, similar to the labour supply curve, but lies above the latter. For any level of employment (E), the real wage implied by the wage setting equation is higher than the wage rate that would prevail at (E) if labour markets were competitive. The gap between the two curves represents the mark up (in real wage) per worker because of market imperfections. Reasons which can explain the mark-up in wage can include the monopoly power of the trade unions and the efficiency wage which is offered by employers. In considering Price- setting, firms will maximise profit when MR (marginal rate) = MC (marginal cost). This is true irrespective of the degree of competition within the market. With an imperfect product market the real wage that will maximise profit is less than the marginal productivity of labour, how much lower will depend upon the degree of imperfection due to the lack of competition. Price setting Wage Curve In the diagram above, the PS curve is depicted by a horizontal line rather than a downward slopping PS curve. This can be justified by making the assumptions f a constant MPL and constant mark-up, Є/(1-Є). The constant MPL also means that there is a constant output per worker (APL). The fixed output per worker is divided between profit and real wage. However if the mark-up is also constant, this means profits per worker is constant. Therefore, the real implied wage per worker is also constant, thus the flat PS curve. The labour market is in equilibrium when the WS and PS curves intersect: Wws = Wps At this point the real