series labour productivity (prod), employment (e), unemployment rate (U), real wages (rw).This notion was definitively … variables will only be -0.003 for real wages or -0.3%, -0.001 for unemployment or -0.1%, -0.000 for productivity or -0%,and -0 … equilibrium wages. …

for this supposed ‘Golden Age’ of rising real wages is that sharp fall in population – with the Black Death (from 1348 … forced up real wages. This simplistic model assumes (1) that rising real wages in the agrarian sector were transmitted to … product of labour did not diverge or vary from changes in its marginal productivity; and (3) that wages were flexible …