UNSPECIFIED (1995) REAL WAGES, PRODUCTIVITY, AND UNEMPLOYMENT IN BRITAIN AND GERMANY DURING THE 1920S. EXPLORATIONS IN ECONOMIC HISTORY, 32 (3). pp. 327-349. ISSN 0014-4983

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Abstract

This paper links together separate national debates on the role of real wages in high unemployment in Britian and Germany during the 1920s. Real wage growth outstripped labor productivity growth in both countries during the 1920s, raising the natural rate of unemployment. Econometric labor demand functions are used to provide the link between high real wages and unemployment. In addition, excessive real wage growth had adverse effects on investment. This helps to explain the failure of Britian and Germany to benefit from the catch-up possibilities opened up by rapid U.S. productivity growth. (C) 1995 Academic Press, Inc.

Item Type:	Journal Article
Subjects:	H Social Sciences > HC Economic History and Conditions H Social Sciences
Journal or Publication Title:	EXPLORATIONS IN ECONOMIC HISTORY
Publisher:	ACADEMIC PRESS INC JNL-COMP SUBSCRIPTIONS
ISSN:	0014-4983
Date:	July 1995
Volume:	32
Number:	3
Number of Pages:	23
Page Range:	pp. 327-349
Publication Status:	Published
URI:	http://wrap.warwick.ac.uk/id/eprint/19612

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