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Published

Wages have been outpacing inflation for five years - Kevin Drum

Summary by jabberwocking.com
Tyler Cowen points to a new paper today that reminds me of something: We argue that workers must take costly actions (“conflict”) to have nominal wages catch up with inflation, meaning there are welfare costs even if real wages do not fall as inflation rises.... The impact of inflation on worker welfare is determined by what we term “wage erosion”—how inflation would lower real wages if workers’ conflict decisions did not respond to inflation. T…
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