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Re: German real wages in the Depression

The Shaikh student was arguing that the depression would have ended
sooner had nominal wages been allowed to fall.

Doug

sam gindin wrote:

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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