ECONO-2202 Lecture Notes - Lecture 15: Bilateral Monopoly, Craft Unionism, Real Wages

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17 May 2019
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This is important since wages and salaries accounts for 70 percent of our national income when proprietors" income is included. Real wage rose only by 2 percent: in this discussion, it is assumed that the price level is constant, and so the term wages is used in the sense of real wages. The general level of wages differs greatly among nations, regions, occupations, and individuals. (see global perspective 17. 1: productivity plays an important role in determination of wages. Historically, american wages have been high and have risen because of high productivity. This is illustrated historically for the u. s. in figure 17. 1: there has been a long-term, secular growth pattern in real wages in the u. s. as seen in figure. Wage taker behavior that pertains to both employer and employee; neither can control the market wage rate: the market demand is determined by summing horizontally the labor demand curves (the.

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