Shugan, Steven M. - In: Marketing Science 26 (2007) 1, pp. 1-17
Questionable methods for increasing nominal wages reduce real wages (i.e., buying power) by creating inflation …, shortages, lower quality, and long-term unemployment. To increase real wages (i.e., the ability to buy more), economic … increasing the value of output (i.e., greater customer benefits) through innovation. Beyond increasing real wages, innovation …