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Re: German real wages in the Depression

Of course, the increase in the 'real' part for those working was coming from
the falling prices

-----Original Message-----
From: PEN-L list [mailto:PEN-L@xxxxxxxxxxxxxxxx] On Behalf Of Doug Henwood
Sent: June 7, 2005 5:34 PM
To: PEN-L@xxxxxxxxxxxxxxxx
Subject: Re: [PEN-L] German real wages in the Depression

Jim Devine quoted:

>We
>find that real wages which were significantly above their market
>clearing levels were the most important factor for the economic decline
>in the depression.

Years ago, a student of Anwar Shaikh's made the same argument to me about
the US depression - and said that Anwar agreed with her.

Doug
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