published a paper with the uninspiring title of 'The relation between unemployment and the rate of change of money wage
rates in the United Kingdom, 1861-1957'.
The capital productivity would lag behind and higher profits would be associated with less than proportionate increase in money wages
, with decreases in the real wages.
The issue is whether the Hoover recipe delayed the onset of money wage
adjustments sufficiently to exacerbate the disequlibrium and increase the severity of the Great Depression.
These, however, are commodities which are subject to "increasing supply price" for given money wages
, either because they are exhaustible resources, or because the land on which they are produced is fixed in size.
Scots still don't know what money wages
, pensions and benefits would be paid in.
Beyond the persistently subpar employment growth shown in figure 1, the most obvious symptom, repeated in the June labor market report, has been stagnant real wages (figure 3): year-over-year money wages
rising at 2 percent while inflation in the 1.5-2.0 percent range is eroding real purchasing power.
Trade unions might use their bargaining power to negotiate for increases in money wages
to protect the real wages of union members.
We are not on fast car/fast money wages
. I have heard a few people talking the same talk and it's really sad to think we all have tried to make homes here and been here for many years and that we may have to leave in the not-so-distant future.
On average, paychecks continue to rise in money wages
. However, the trend line in nominal wages flattened just before the official recession ended in June 2009.
Phillips (1958) demonstrated the existence of an inverse relationship between the rate of change of money wages
and the unemployment rate.
Such an outcome was most likely to be achieved in an economy which encouraged flexible resource movements and where changes in money wages
reflected changes in overall productivity (plus prices, if the economy was experiencing overall inflation).
It, nevertheless, is an attempt to effect current wages, the demand for labour and existing money wages
. While, Pigou would argue for wage and labour flexibility, Keynes would argue that, as an example, the ability or process of wage bargaining cannot bring the level of money wages
into conformity with the marginal disutility of the volume of employment.