money-wage

At Penn there was also a brilliant undergrad, Steven Salop, who worked for several months on my 1968 paper on money-wage dynamics.

Edmund S. Phelps - Autobiography 2007

For if competition between unemployed workers always led to a very great reduction of the money-wage, there would be a violent instability in the price-level.

The General Theory of Employment, Interest, and Money 2003

We shall call the unit in which the quantity of employment is measured the labour-unit; and the money-wage of a labour-unit we shall call the wage-unit.

The General Theory of Employment, Interest, and Money 2003

But the money-wage level as a whole should be maintained as stable as possible, at any rate in the short period.

The General Theory of Employment, Interest, and Money 2003

Yet, all the same, these motives will operate within limits, and workers will not seek a much greater money-wage when employment improves or allow a very great reduction rather than suffer any unemployment at all.

The General Theory of Employment, Interest, and Money 2003

Now ordinary experience tells us, beyond doubt, that a situation where labour stipulates (within limits) for a money-wage rather than a real wage, so far from being a mere possibility, is the normal case.

The General Theory of Employment, Interest, and Money 2003

Let us assume, for the moment, that labour is not prepared to work for a lower money-wage and that a reduction in the existing level of money-wages would lead, through strikes or otherwise, to a withdrawal from the labour market of labour which is now employed.

The General Theory of Employment, Interest, and Money 2003

A classical economist may sympathise with labour in refusing to accept a cut in its money-wage, and he will admit that it may not be wise to make it to meet conditions which are temporary; but scientific integrity forces him to declare that this refusal is, nevertheless, at the bottom of the trouble.

The General Theory of Employment, Interest, and Money 2003

It is admitted, of course, that the bargains are actually made in terms of money, and even that the real wages acceptable to labour are not altogether independent of what the corresponding money-wage happens to be.

The General Theory of Employment, Interest, and Money 2003

Nevertheless it is the money-wage thus arrived at which is held to determine the real wage.

The General Theory of Employment, Interest, and Money 2003