money wages


Also found in: Financial.

money wages

pl n
(Economics) economics wages evaluated with reference to the money paid rather than the equivalent purchasing power. Also called: nominal wages Compare real wages
References in periodicals archive ?
This article shows that a 1934 article of Kalecki's, `Three Systems', originally published in Polish and recently translated in volume one of his collected works, sets out a simple Keynesian model of a closed economy, which is used to examine the impact on aggregate activity of various shocks, first assuming perfectly flexible money wages and then that money wages are determined by a hysteresis-type wage equation.
Let us now structure our discussion of residual shares in the unstable economy as follows: for each type of mean-preserving instability, observe the effect on the average residual share over the course of a two-period business cycle as we move from a labor contract in which money wages are entirely fixed towards a labor contract in which they depend entirely on profit-sharing.
While money wages are perfectly flexible, price adjustments are subject to "menu costs," thereby switching the source of nominal rigidity to the goods market as seen in recent menu-costs models.
the inverse relationship between the labor content of "corn" and the general rate of profit (with a given real wage rate) in Ricardo, as expression of the clash of interest between the land owners and capitalists (Caravale [1]); the direct relation between money wages and the price level (with a given rate of profit) in Smith as expressing the contrast between workers and capitalists (Nistico, [6]).
161), 'and, that by agreeing on different money wages, labour can change its real wages' (Rymes 1989, p.
More precisely, this was the mechanism at work in the first six decades; in the following period up to 1897 money wages increased, but less than productivity, so that the trend of prices continued to be downward.
If firms and workers negotiate in terms of money wages, rather than real wages, then the amount of money in the economy is extremely important.
This reduced demand for labor, and that there are no new tasks (or scarcity of specialized labor) as such, means that the money wages would also lag behind.
Another key trait: "Unlike all the other groups, they have to rely almost entirely on money wages or money incomes," Standing said.
As Eltis (2000) illustrates, Ricardo believed that in an expanding economy, it would be necessary for workers to receive rising money wages to offset the impact of diminishing returns in agriculture.
In other words, Keynes was arguing--and today's facts demonstrate--that, given the existence of multinational firms and the ease with which mass production technology can be transferred internationally, differences in production costs in mass production industries reflect national differences in money wages per hour of human labor plus the differences in costs due to differences in required labor safety facilities, etc.
Some people may be cynical and think he's just taking big money wages but I prefer to believe he sincerely wants to stay and fight to prove himself in time.