An Empirical Evaluation of the Disequilibrium Real Wage Rate Hypothesis
AbstractThe rise in the share of labor costs invalue added in many industrial countries during the 1970s and early 1980s has led many observers to conclude that real wages are now too high and a source of "classical" unemployment. These conclusions are not necessarily valid. The increase in the labor share could be warranted by long-run changes in production techniques,in the price of energy, or in the relative availability of labor and capital. This paper uses a production function approach to examine these possibilities.
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Bibliographic InfoPaper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 1404.
Date of creation: Jul 1984
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- Nicoletta Batini & Brian Jackson & Stephen Nickell, 2000. "Inflation Dynamics and the Labour Share in the UK," Discussion Papers 02, Monetary Policy Committee Unit, Bank of England.
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