Is There a Wage Curve with Regional Real Wages? An analysis for the US and Poland.

2021 ◽  
pp. 105582
Author(s):  
Bartlomiej Rokicki ◽  
Uwe Blien ◽  
Geoffrey J.D. Hewings ◽  
Phan thi Hong Van
Keyword(s):  
Real Wages ◽  
Wage Curve ◽  
The Us

The rate of profit and economic stagnation in the United States economy

1997 ◽  
Vol 1 (1) ◽  
pp. 161-174
Author(s):  
Fred Moseley
Keyword(s):  
World War Ii ◽  
The United States ◽  
Real Wages ◽  
Debt Burden ◽  
The Great Depression ◽  
Us Economy ◽  
United States Economy ◽  
The Us ◽  
Post War ◽  
Rate Of Profit

AbstractIn the first thirty years after World War II, the US economy performed very well. The rate of growth averaged 4—5%, the rate of unemployment was seldom above 5%, inflation was almost non-existent (1—2%), and the living standards of workers improved steadily. These were the ‘good old days'. However, this long period of expansion and prosperity ended in the 1970s. Since then, both the rate of unemployment and the rate of inflation have been much higher than before, and the average real wages of workers (i.e. the purchasing power of wages) have declined some 20%. Productivity growth has also slowed down and the debt burden of both capitalist enterprises and the Federal government has increased dramatically. It is in this sense that we may refer to the ‘economic crisis’ of the US economy over the last two decades. This crisis has certainly not been as severe as the Great Depression of the 1930s, but the economic performance has been significantly worse than in the early post-war period.

Contextualising Organised Labour in Expansion and Crisis: The Case of the US

2012 ◽  
Vol 20 (1) ◽  
pp. 3-30 ◽  
Author(s):  
Kim Moody
Keyword(s):  
Working Class ◽  
Trade Union ◽  
Class Struggle ◽  
Final Analysis ◽  
Necessary Condition ◽  
Strategic Choices ◽  
Real Wages ◽  
Union Leadership ◽  
The Us ◽  
Labour Power

AbstractWhile, as Marx argued, periods of expanded accumulation present the best conditions for increasing working-class living standards, the expansion that began in 1982 was based in large part on the rapidfallin the value of labour-power in the US. This recovery and rapid rise in the rate of surplus-value in the US was enabled by the collapse of union-resistance beginning in 1979 and the strategic choices made by union-leaders across the economy from that time on. The expansion was sustained in the 1980s by dramatic work-reorganisation, enabled by the embrace of labour-management cooperation-schemes by much of the trade-union leadership, and the restructuring of several major industries that undermined the industry-wide bargaining on which rising postwar incomes had been based. Productivity, boosted by lean production-methods, would continue to outstrip real wages up until the ‘Great Recession’ of 2008 and resume again in the wake of a weak recovery in the US. The rapid geographic expansion of capital after 1990 provided new investment-possibilities, as did the explosion of financial instruments. What stands out, however, is that rising productivity, far from providing the basis for increases in working-class income, had become coupled with flat or declining real wages and a fall in the value of labour-power as the necessary condition to sustain almost any level of growth in the real economy. The link between productivity and wage-increases, central to Keynesian and institutional collective-bargaining theory, had been broken and Marx’s idea of the most favourable conditions stood on its head. The breaking of this link had, in the final analysis, been an outcome of class-struggle in which capital had the upper hand. All of this underlines the failed strategies and practices of most of the trade-union leadership in the US since 1979. New approaches to the workplace and broader forms of mobilisation will be needed. Signs of worker-resistance to the latest neoliberal clampdowns in Latin America, Europe, China, and even the US, however, may point to a renewed era of intensified class-struggle.

World Overview

2011 ◽  
Vol 217 ◽  
pp. F11-F14
Author(s):  
Dawn Holland ◽  
Aurélie Delannoy ◽  
Tatiana Fic ◽  
Ian Hurst ◽  
Ali Orazgani ◽  
...  
Keyword(s):  
Sovereign Debt ◽  
Debt Crisis ◽  
Precautionary Savings ◽  
Gdp Growth ◽  
Real Wages ◽  
Supply Chain Disruptions ◽  
Us Economy ◽  
Moderate Growth ◽  
The Us ◽  
Fiscal Austerity

GDP growth in the OECD group of economies moderated in the first quarter of 2011, reflecting a contraction in output in Japan related to the earthquake in March 2011 and a slowdown in the US economy. This was partly offset by an acceleration of growth in the Euro Area, to some extent attributable to a weather related rebound in Northern Europe, but also a strong rise in business investment in Germany and France. Moderate growth at the OECD level persisted into the second quarter. Supply-chain disruptions continued to affect Japan; the high oil price eroded real wages, exacerbating the effect of high unemployment on consumption in the US; the deepening sovereign debt crisis in Europe raised uncertainty, leading to a rise in precautionary savings even in countries not restrained by severe fiscal austerity programmes. Outside the OECD, China and India continue to drive world growth, although rising inflation points to more moderate prospects in the second half of the year. We forecast global GDP growth of about 4½ per cent per annum in both 2011 and 2012, compared to 5 per cent growth recorded in 2010. The key assumptions underlying this forecast are discussed in Appendix A, with our forecasts for key macro variables in 40 major economies detailed in Appendix B.

scholarly journals Job-to-Job Flows and Earnings Growth

2017 ◽  
Vol 107 (5) ◽  
pp. 358-363 ◽  
Author(s):  
Joyce K. Hahn ◽  
Henry R. Hyatt ◽  
Hubert P. Janicki ◽  
Stephen R. Tibbets
Keyword(s):  
Average Rate ◽  
Job Flows ◽  
Real Wages ◽  
Earnings Growth ◽  
Data Product ◽  
Us Economy ◽  
The Us ◽  
Year 2000 ◽  
The U.S

The US workforce has had little change in real wages, income, or earnings since the year 2000. However, even when there is little change in the average rate at which workers are compensated, individual workers experienced a distribution of wage and earnings changes. In this paper, we demonstrate how earnings evolve in the US economy in the years 2001-2014 on a forthcoming dataset on earnings for stayers and transitioners from the U.S. Census Bureau's Job-to-Job Flows data product. We account for the roles of on-the-job earnings growth, job-to-job flows, and nonemployment in the growth of U.S. earnings.

Europe's unemployment problem

1994 ◽  
Vol 2 (1) ◽  
pp. 73-82
Author(s):  
Jacques Drèze
Keyword(s):  
Real Wages ◽  
The Us ◽  
Unemployment Problem ◽  
The Way

The main difference between unemployment in the US and Europe is due to the way productivity is incorporated into real wages and the extent to which output and employment are demand determined.

scholarly journals Payroll Share, Real Wage and Labor Productivity across US States

2020 ◽  
pp. 1-41
Author(s):  
Ivan Mendieta-Muñoz ◽  
Codrina Rada ◽  
Ansel Schiavone ◽  
Rudi von Arnim
Keyword(s):  
Mixture Models ◽  
Labor Productivity ◽  
Real Wage ◽  
Real Wages ◽  
Relative Prices ◽  
Us States ◽  
High Performing ◽  
Joint Distributions ◽  
The Us ◽  
Index Decomposition

This paper analyzes regional contributions to the US payroll share from 1977 to 2017 and the four major business cycles throughout this period. We implement two empirical exercises. First, we decompose the US payroll share across states. Utilizing a Divisia index decomposition technique yields exact contributions of real wages, employment structure, labor productivity and relative prices across the states to the aggregate change in the payroll share. Key findings are that the decline in the aggregate (i) is driven by decoupling between real wage and labor productivity; and (ii) is initially driven by the rust belt states, but subsequently dominated by relatively large states. Second, we employ mixture models on real wages and labor productivity across US states to discern whether distinct mechanisms appear to generate these distributions. Univariate models (iii) indicate the possibility that two distinct mechanisms generate state labor productivities, raising the question of whether regional dualism has taken hold. Lastly, we use bivariate mixture models to investigate whether such dualism and decoupling manifest in the joint distributions of payroll shares and labor productivity, too. Results (iv) are affirmative, and further suggest a tendency for high performing states to have relatively high payroll shares initially, and low payroll shares more recently.

The Oil Intensity of Output

2008 ◽  
Vol 205 ◽  
pp. 34-38 ◽  
Author(s):  
Ray Barrell ◽  
Simon Kirby ◽  
Iana Liadze
Keyword(s):  
Fossil Fuels ◽  
Oil Prices ◽  
Real Wages ◽  
Short Term ◽  
Forward Markets ◽  
The Past ◽  
The Us ◽  
The Impact ◽  
Energy Information ◽  
Made In

Since our last forecast in April 2008 there have been further increases in oil prices, as is illustrated in figure 1, which tracks oil price projections in our forecasts this year, and compares them to the projection we made in January and July 2007. Over the past eighteen months oil prices have risen from around $60 per barrel to a currently projected level of $123 in 2009. Oil prices have recently reached a peak of $145.6 a barrel before falling back to around $134. Our projection for the short term is based on those of the US Energy Information Agency and uses information from forward markets as well as an evaluation of supply conditions. In the longer term we presume that real oil prices will rise in line with the real interest rate, as is discussed on pp. 4–7 of this Review. This note looks at the impacts of recent increases in oil prices on the path for real wages by investigating the share of fossil fuels in costs. It also evaluates the impact of the rise in prices since our last forecast, and investigates the impact on oil prices of the growth in demand outside the OECD.

The State-Based Factors Affecting Inward FDI Employment in the US

2014 ◽  
pp. 89-107
Author(s):  
Lucyna Kornecki ◽  
E. M. Ekanayake
Keyword(s):  
Direct Investment ◽  
Negative Impact ◽  
Positive Impact ◽  
The United States ◽  
Real Wages ◽  
Financial Flows ◽  
Factors Affecting ◽  
The Us ◽  
Per Capita ◽  
Major Factors

The descriptive part of this research focuses on the latest trends in US inward Foreign Direct Investment (FDI) and describes the US inward FDI flows and stock as a percentage of Gross Domestic Product (GDP) and includes geographic and sectoral distribution of inward US FDI. The important part of US inward FDI profile relates to inward US FDI employment and inward US FDI financial flows, which include equity, reinvested earnings, and intercompany debt. The corporate players, Mergers and Acquisitions(M&A's) and green field investment are discussed briefly. The empirical part of this research investigates state-based factors affecting the inward FDI employment among 50 states of the United States and is based on data collected by the Commerce Department's Bureau of Economic Analysis (BEA). This study identifies several state-specific determinants of FDI employment. The results indicate that the major factors exerting positive impact on inward US FDI employment are: real wages, infrastructure, unionization level, educational attainment, FDI stock, and manufacturing density. In addition, the results show that gross state product growth rate, real per capita taxes has negative impact on FDI employment.

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