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Following the recession of 2008 real wages globally have stagnated [6] with a world average real wage growth rate of 2% in 2013. Africa, Eastern Europe, Central Asia, and Latin America have all experienced real wage growth of under 0.9% in 2013, whilst the developed countries of the OECD have experienced real wage growth of 0.2% in the same period.
Wage growth (or real wage growth) is a rise of wage adjusted for inflations, often expressed in percentage. [1] In macroeconomics, wage growth is one of the main indications to measure economic growth for a long-term since it reflects the consumer's purchasing power in the economy as well as the level of living standards. [2]
nominal wage rate: $10 in year 1 and $16 in year 2 price level: 1.00 in year 1 and 1.333 in year 2, then real wages using year 1 as the base year are respectively: $10 (= $10/1.00) in year 1 and $12 (= $16/1.333) in year 2. The real wage each year measures the buying power of the hourly wage in common terms.
This describes the rate of growth of money wages (gW). Here and below, the operator g is the equivalent of "the percentage rate of growth of" the variable that follows. = The "money wage rate" (W) is shorthand for total money wage costs per production employee, including benefits and payroll taxes. The focus is on only production workers' money ...
This wage is a theoretical representation of the hourly rate at which an individual values their own leisure time. [2] A job offer involving the same type of work and the same working conditions, but at a lower wage rate, would be rejected by the worker. In this case, based on the reservation wage theory, the individual would be better off not ...
The minimum wage is back in the news lately after President Obama pledged to raise it to $10.10 an hour for federal contractors in his 2014 State of the Union address, ...
Variable costs (VC) are the costs of the variable input, labor, or wL, where w is the wage rate and L is the amount of labor employed. Thus, VC = wL. Marginal cost (MC) is the change in total cost per unit change in output or ∆C/∆Q. In the short run, production can be varied only by changing the variable input.
Real income is the income of individuals or nations after adjusting for inflation. It is calculated by dividing nominal income by the price level . Real variables such as real income and real GDP are variables that are measured in physical units , while nominal variables such as nominal income and nominal GDP are measured in monetary units .