Commentaries (some of them cheeky or provocative) on economic topics by Ralph Musgrave. This site is dedicated to Abba Lerner. I disagree with several claims made by Lerner, and made by his intellectual descendants, that is advocates of Modern Monetary Theory (MMT). But I regard MMT on balance as being a breath of fresh air for economics.
Saturday 6 June 2015
Proof that wages are sticky downwards?
Nice evidence that wages are sticky downwards gratis the Fed. The recession seems to have had next to no effect on the growth in wages in terms of dollars per hour. There is of course a very slight slowdown in the rate of growth during the recession - the grey area. But it's negligible.
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