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An Essay on Real Wage Index Numbers

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  • Pencavel, John

    (Stanford University)

Abstract

Real wage index numbers have been used to measure movements in the standard of living of the typical worker. This paper describes some of these indicators for the United States and England. A new real wage index is proposed that resembles the sliding scale used to adjust wages in certain industries years ago. This new index is applied to U.S. manufacturing industry and it suggests a fall in real wages by about 40 percent since 1960. Workers’ distributional position in U.S. manufacturing has deteriorated considerably.

Suggested Citation

  • Pencavel, John, 2011. "An Essay on Real Wage Index Numbers," IZA Discussion Papers 5455, Institute of Labor Economics (IZA).
    • Handle: RePEc:iza:izadps:dp5455
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    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. On the decline of the US manufacturing wage
      by Economic Logician in Economic Logic on 2011-03-11 22:57:00

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    Cited by:

    1. Mario Arturo Ruiz Estrada & Su-Fei Yap & Noor Azina Binti Ismail, 2017. "Revisiting the Phillips Curve: Visualization from a Multidimensional Graphical Perspective," Contemporary Economics, University of Economics and Human Sciences in Warsaw., vol. 11(1), March.

    More about this item

    Keywords

    index numbers; real wages; sliding scale;
    All these keywords.

    JEL classification:

    • J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials

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    1. Economic Logic blog

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