An Empirical Evaluation of the Disequilibrium Real Wage Rate Hypothesis
The 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.
|Date of creation:||Jul 1984|
|Date of revision:|
|Publication status:||published as Artus, Jacques R. "The Disequilibrium Real Wage Rate Hypothesis: An Empirical Evaluation." International Monetary Fund Staff Papers, Vol. 31, No. 2 , (June 1984), pp. 249.|
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- Barry P. Bosworth & Robert M. Solow & Lawrence H. Summers, 1982. "Capital Formation and Economic Policy," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 13(2), pages 273-326.
- Martin Neil Baily, 1981. "Productivity and the Services of Capital and Labor," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 12(1), pages 1-66.
- Derek Blades, 1983. "Service Lives of Fixed Assets," OECD Economics Department Working Papers 4, OECD Publishing.
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