A number of bloggers have recently discovered real wages as a labor market indicator. They are at least 3 years late to the party.
Three years ago I blogged about the effect of labor supply on real wages.
I noted how real wages had risen since 2007, and predicted that they would begin to decline in 2010.
I have continued to update this work, eg here, and here.
The fact is that the real wage time series fits my recession narrative very well.
Friday, December 23, 2011
Productivity and Real wages since 2007
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3 comments:
Noah Smith responds here.
The economix post linked above was cross-posted to this blog here.
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