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1. Money Wage And Real Wage
2. Real Minimum Wage Over Time
3. What Is Real Wage Rate
4. What Is A Wage
5. What Is Money Wage And Real Wage Calculator
6. Keynes Money Wage Vs Real Wage

The amount of money paid is called the money wages. The worker, however, is more interested in the goods and services which he can get with his money wages or otherwise. The amount of goods and services which the labourer actually gets is called his real wages. It is significant to note that the four years of decreased real wage rates with increased money wage rates included 1865, 1866 and 1872, which were peaks or near peaks of booms. In the period 1880 up to the War money wage rates rose during 14 years, and real wage rates, corrected for changes in the terms of.

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THE RELATIVE MOVEMENTS OF REAL AND MONEY WAGE RATES SUMMARY Purpose of the article, 130. Dunlop's analysis of English data, 130. Criticisms: movements of real wage rates in periods of rising money wages not very different from those in other periods, 132; rise in real wage rates due in some instances to a fall in the cost of living, 132.

Money Wage And Real Wage

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Money Wages

money wages

WAGE RATES expressed in terms of current MONEY values. An increase in the general level of prices that is not matched by an equivalent rise in money wages, either because of MONEY ILLUSION on the part of the labour force or because employers refuse to grant money wage increases, will cause REAL WAGES to fall; that is, an unchanged money-wage rate will now buy fewer goods and services at the higher level of prices.
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Real Minimum Wage Over Time

Learn about the comparison between Money Wages and Real Wages to Labourer.

What the labourer earns by working in a factory or office is called wages. The labourers are generally paid a certain sum of money per day or week, etc. The amount of money paid is called the money wages.

The worker, however, is more interested in the goods and services which he can get with his money wages or otherwise. The amount of goods and services which the labourer actually gets is called his real wages. The standard of living and the prosperity of a labourer depend not on his money wages but on his real wages.

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Real wages depend upon the following factors:

1.The Price Level:

The labourer uses his money wages to purchase his requirements. The amount of goods and services that he can get depends on the level of prices.

What Is Real Wage Rate

2. The Extra Earnings:

It is possible for labourers to get extra earnings. For example, waiters in hotels get tips which supplement their wages. Sometimes labourers are given food and lodging either free or at a reduced rate. Such things must be counted as part of their real wages.

Sometimes a labourer has to incur some costs in carrying out his duties. For example, a day labourer has to incur transportation Cost when going to his place of duty. Such cost must be deducted from his money wages when calculating his real earn­ings.

What Is A Wage

A major problem connected with wages is the apparent discrepancies which often exist in the pay­ments of workers in various occupations. For ex­ample, a worker living in an area where the cost of living is high will find his pay packet of less real value to him than the worker earning the same amount of money but residing in a cheaper area.

Thus it may be necessary to pay higher wages to persons employed in Calcutta than to those in Burdwan or Bandel, al­though the ‘real’ value of the wages of the Calcutta worker, in terms of what the wages will buy, will be no higher.

What Is Money Wage And Real Wage Calculator

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Wages also differ due to a number of factors. Hence, comparison of wages may thus involve taking into account such factors as subsidized housing, pen­sion rights, family allowances, expense sheet allowan­ces and the use of company cars.

Keynes Money Wage Vs Real Wage

These extra payments will, of necessity, have to be taken into account along with such other factors as security against unemployment, long term promotion prospects and the job-satisfaction of the work itself. All these add up to make ‘real wages’ of a job very different, in many cases from ‘money wages’.