The Relative Movements of Real and Money Wage Rates

Abstract

Purpose of the article, 130. — I. Dunlop's analysis of English data, 130. — Criticisms: movements of real wage rates in periods of rising money wages not very different from those in other periods, 132; rise in real wage rates due in some instances to a fall in the cost of living, 132. — Tarshis' analysis of data for the United States, 135. — His use of coefficient of association open to question, 135. — Other objections, 135. — Richardson's analysis of the English data involves analogous difficulties, 136. — II. Re-analysis of the English data, 137; of the American data, 143. — III. The concept of real wage rates used in these studies is of doubtful validity, 146. — Money wages and welfare, 148. — Conclusions, 149.