The Labour Market: Workers, Wages, and Unemployment - The Labour Market - Trend 1: Real wages growth over the 20th century
3 important questions on The Labour Market: Workers, Wages, and Unemployment - The Labour Market - Trend 1: Real wages growth over the 20th century
What increased steadily in industrialized countries during the 1900s?
Real wages (adjusted for inflation) rose consistently, indicating improved economic conditions.
What does the increase in real wages reflect?
This indicates an overall rise in standard of living in society.
What contributed to the gains in real wages?
The increase in labor productivity was a major factor in real wage growth.
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