Abstract
More than forty years ago Keynes conjectured that typically over the business cycle real wages and money wages would move inversely, money wages rising and real wages falling during expansion and the other way round during contractions. In a paper published three years later Dunlop showed — as Pigou had done more than ten years earlier in his book Industrial Fluctuations — that preponderantly the changes in both money and real wages are positively related to changes in the level of economic activity.
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© 1979 International Economic Association
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Gelting, J.H. (1979). On the Level of Employment and the Rate of Economic Growth. In: Adelman, I. (eds) Economic Growth and Resources. International Economic Association Series. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-16229-1_2
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DOI: https://doi.org/10.1007/978-1-349-16229-1_2
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