Celebrating humanity's flourishing through the spread of capitalism and the rule of law
19 Sep 2014 1 Comment
in applied price theory, labour economics, labour supply, welfare reform Tags: British economy, wage flexibility, welfare reform
The simplest explanation is that supply is increasing: as supply increases output increases real prices fall and output increases.
The Financial Times shows the data and puts forward several explanations:
(1) welfare reforms are pushing people off the dole and into the labor force;
(2) older workers are choosing to retire at a later age.
Both explanations would imply an increase in supply.
via Managerial Econ: Why are wages decreasing and employment increasing in Great Britain?.
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Sep 19, 2014 @ 12:43:19
Jonathan Portes showed this was incorrect way back in July. ( I had his article in Around the Traps.)
A fall in real wages is much more a likely reason.
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