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:[EMAIL PROTECTED] On Behalf Of Doug Henwood
Sent: June 7, 2005 5:34 PM
To: [email protected]
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
