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  2. Backward bending supply curve of labour - Wikipedia

    en.wikipedia.org/wiki/Backward_bending_supply...

    The labour supply curve shows how changes in real wage rates might affect the number of hours worked by employees.. In economics, a backward-bending supply curve of labour, or backward-bending labour supply curve, is a graphical device showing a situation in which as real (inflation-corrected) wages increase beyond a certain level, people will substitute time previously devoted for paid work ...

  3. Real wages - Wikipedia

    en.wikipedia.org/wiki/Real_wages

    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.

  4. Phillips curve - Wikipedia

    en.wikipedia.org/wiki/Phillips_curve

    Work by George Akerlof, William Dickens, and George Perry, [16] implies that if inflation is reduced from two to zero percent, unemployment will be permanently increased by 1.5 percent because workers have a higher tolerance for real wage cuts than nominal ones. For example, a worker will more likely accept a wage increase of two percent when ...

  5. Labour supply - Wikipedia

    en.wikipedia.org/wiki/Labour_supply

    However, also as the real wage rate rises, workers earn a higher income for a given number of hours. If leisure is a normal good —the demand for it increases as income increases—this increase in income tends to make workers supply less labour so they can "spend" the higher income on leisure (the " income effect ").

  6. Real and nominal value - Wikipedia

    en.wikipedia.org/wiki/Real_and_nominal_value

    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.

  7. Opinion - It’s official: America’s real wages are up under ...

    www.aol.com/opinion-official-america-real-wages...

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  8. Fei–Ranis model of economic growth - Wikipedia

    en.wikipedia.org/wiki/Fei–Ranis_model_of...

    The graph displays two MPL lines plotted with real wage and MPL on the vertical axis and employment of labor on the horizontal axis. OW denotes the subsistence wage level, which is the minimum wage level at which a worker (and his family) would survive.

  9. Built-in inflation - Wikipedia

    en.wikipedia.org/wiki/Built-in_inflation

    The price/wage spiral is the adversarial nature of bargaining about wages in modern capitalism. It is part of the conflict theory of inflation . Workers and employers usually do not get together to agree on the value of real wages.