Discussion - Chapter 28 - Labor Markets and Wage Rates Real Wage versus Money Wage What is the difference between the re

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Discussion Chapter 28 Labor Markets And Wage Rates Real Wage Versus Money Wage What Is The Difference Between The Re 1 (56.95 KiB) Viewed 10 times

Discussion - Chapter 28 - Labor Markets and Wage Rates Real Wage versus Money Wage What is the difference between the real wage and the money wage? In a word, it's inflation. That is, the real wage is your earnings after it has been adjusted for inflation. This is a useful concept when comparing your wages throughout your earning history. For example, if you got a 2% raise but inflation increased by 5% over that same time period, did you really get a raise? The answer is...NO. Your task - With the above in mind, the textbook tells us that the USA has not had a raise in real wages since the 1970's, yet our standard of living has skyrocketed over that same period of time. How have we as citizens been able to pay for this increase in living standard over the past 5 decades? Please make certain that your post is well-written, grammatically correct, and informative. Also be aware that all posts can be seen by the instructor and all students in the class. Click the Reply button to post to this topic. Your post must be at least 50 words.