Comment on T. Hersoug, “Workers vs. Government—Who Adjusts to Whom?”

Thorvaldur Gylfason and Henryk Kierzkowski
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Henryk Kierzkowski: Graduate Institute of International Studies Geneva

A chapter in Trade Unions, Wage Formation and Macroeconomic Stability, 1986, pp 151-157 from Palgrave Macmillan

Abstract: Abstract Ever since the days of Keynes, economists have been puzzled by the behavior of wages. In the classical macroeconomic system, real wages were supposed to clear the labor market. Yet real wage rates were only slightly reduced by the massive and persistent unemployment during the depression. It is true that nominal wage rates fell, but prices fell in roughly the same proportion.

Keywords: Trade Union; Real Wage; Government Spending; Trade Balance; Wage Increase (search for similar items in EconPapers)
Date: 1986
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-08596-5_9

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DOI: 10.1007/978-1-349-08596-5_9

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