Re: [Pen-l] Can anyone point me to a real wage vs productivity graph (say 1900-present)

["Jim Devine" <jdevine03@xxxxxxxxx>]

me:
>> unit labor costs = total labor costs (including benefits & payroll
>> taxes)/quantity = (labor cost per worker)/(output per worker) (or per
>> hour or whatever)

Sandwichman:
> However the labor costs are NOMINAL labor costs, not REAL (i.e.,
> adjusted for inflation).

right. The BLS, etc., use ULC as an indicator of what's going to
happen to prices. In a simple model (that works better than the
standard Monetarist model, but still not well), the average price
level is a constant mark-up over ULC, plus unit raw-material costs.

of course, if one _wants to_, it's easy to calculate real unit labor
costs. It's inversely related to the "rate of surplus value."
-- 
Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own
way and let people talk.) -- Karl, paraphrasing Dante.
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