Retrospectives
Real and Money Wage Rates
Bibliographic Data
| ID | 4874629 |
|---|---|
| Authors | John T Dunlop (Lamont University Professor, Emeritus, Harvard University, Cambridge, Massachusetts.), John Τ Dunlop (Harvard University Press, corresponding author) |
| Year | 1998 |
| Volume | 12 |
| Issue | 2 |
| Pages | 223-234 |
| Publication date | 1998-05-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Journal of Economic Perspectives (JOURNAL) |
| Journal identifiers | ISSN: 0895-3309 • E-ISSN: 1944-7965 |
| Publisher | American Economic Association (PUBLISHER • US) |
| DOI | 10.1257/jep.12.2.223 |
| OpenAlex | W1522793853 |
| Language | EN |
| Citations received | 2 |
| References cited | 15 |
In the General Theory, John Maynard Keynes held money and real wage rates move in opposite directions. In expansion, prices increase faster because of increasing costs and a rise in the proportion of product going to profits. Neoclassical economists held similarly. Money illusion of workers supported their common view. The author's 1938 article rather showed a procyclical pattern, significant to macroeconomic models of the economy. Contemporary literature with new elements of compensation and new measures of wages supports a slightly procyclical relationship. Increased output and employment in expansion do not require lower real wages
Central bank · Economics · Illusion · Keynesian economics · Labour economics · Monetary economics · Monetary policy · Money creation · Quantity theory of money · Real wages · Wage · Economic Theory and Institutions · Economic Theory and Policy · Political Economy and Marxism
The General Theory of Employment
The General Theory of Employment, Interest and Money.
The Concept of Monopoly and the Measurement of Monopoly Power
Measuring the Cyclicality of Real Wages
Cyclical Variations in Wage Structure
The Employment-Real Wage Relationship
Marshall and his Correspondence
Relative Movements of Real Wages and Output
Changes in Real and Money Wages
The Movement of Real and Money Wage Rates
The Macroeconomics of Low Inflation
The New Keynesian Synthesis
Differences and Changes in Wage Structures
| Unique citing works | 2 |
|---|---|
| Citations per year | 0,07 |
| Citation span | 1999 - 2011 (13) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 1 |