2002
DOI: 10.2307/3491668
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John Adams and the Founding of the Republic

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“…A rise in wages increases production costs, which in turn raises the price of goods, as illustrated in Graph (b). 51 The response to this situation is as follows: if an increase in wages also increases price levels, this signifies that, although the nominal income of workers is higher, their real income is not. This is particularly true if the increase in nominal wage is smaller than the rate of inflation.…”
Section: Revisiting the Trade-off Theory Via Zakatmentioning
confidence: 99%
“…A rise in wages increases production costs, which in turn raises the price of goods, as illustrated in Graph (b). 51 The response to this situation is as follows: if an increase in wages also increases price levels, this signifies that, although the nominal income of workers is higher, their real income is not. This is particularly true if the increase in nominal wage is smaller than the rate of inflation.…”
Section: Revisiting the Trade-off Theory Via Zakatmentioning
confidence: 99%