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1939-2009

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Right now there is a rise in wage inequality. There is a racial and gender wage gap. Women earn 81 cents for every $1 earned by a man. The racial wage gap is $3.65 between white and black people which is about 34% difference.

This is an image of the wage growth in Massachusetts from 2010-2020.

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What it tells us about the economy? (why is it important?)

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What it tells us about the economy? (why is it important?)

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Wage growth is one of the main indicators to measure economic growth. We are able to indicate consumers purchasing power and if the money supply increases the, then the consumers have more spending power. Wages are important not only does it keep track of economic conditions but it also makes sure that employees are protected (the wages and law are meant to make sure that employees aren't taken for granted by employers).

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Wages and Wage Growth
- Wages tend to growth over time due to inflation
- Increases in wages happen to keep up the inflation rate
- Wage in dollars --> Nominal Wage
- Real Wage = Nominal Wage/ General Price Level
-The levels of the real wage and employment are determined by labor market equilibrium
- Real Wage is trade-off between leisure time and goods and services.
- The current minimum wage is falling to its lowest currently and will continue without from congress

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Wages and Wage Growth:

Wage is the payment that one gets for his work.

Wage Growth:

rise of wage adjusted to match inflations

indications to measure economic growth

Economic growth reflects:

consumer purchasing power in the economy

level of living standards