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- W2520897737 abstract "Econometric studies have indicated that money wages in manufacturing during the 1950s rose faster than labor productivity, at full employment.' This might be explained by inflationary expectations arising from the demand inflation of the 1940s. But it might also be explained by one of two general types of cost inflation models. In the first model nonunion wages are determined by competitive market forces; and the primary impact of labor unionism is on the structure, not the general level, of money wages.2 This model predicts that a cost-push inflation would be temporary since unions would eventually be able to obtain an equilibrium relative wage advantage for their members. As the differential between union and nonunion wages ceased to widen, cost-push inflation would come to an end. In the second model union wage gains are transmitted in one way or another to nonunion workers.3 Firms employing unorganized labor may be induced to match changes in union wage rates in an attempt to prevent the unionization of their own employees; or they may do so simply because nonunion workers might become less productive if wage differentials unfavorable to them were allowed to develop. It has been alleged that such transmission of union wage gains has become institutionalized in the U.S. economy in the form of the so-called key group wage pattern. This wage pattern is known to affect union wage rates in durable goods industries. But it is also supposed to spill over to nonunion labor, as well as to other union labor, and thereby to influence significantly the general level of money wages.4 Because of a transmission of union wage increases to nonunion workers, the second model predicts that unions would never be able to reach an equilibrium. Permanent inflation or price stability at the cost of unemployment would result. This paper presents evidence in support of the hypothesis that union pressure on wages was the source of a once and for all cost-push inflation" @default.
- W2520897737 created "2016-09-23" @default.
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- W2520897737 date "2016-01-01" @default.
- W2520897737 modified "2023-09-27" @default.
- W2520897737 title "THE UNION-NONUNION WAGE DIFFERENTIAL AND COST-PUSH INFLATION" @default.
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