Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383



Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

Give two reasons explaining why wage rates may not fall.

To determine

Why wage rate will not fall.


According to the classical economists, the economy is always self regulating and does not need any intervention of the government to control its activities other than providing military support. Thus, they demand the Laissez-Faire economy where the economic transactions of the economy are free from the government regulations, tariffs, and interventions.

However, according to Keynes, labor unions and the employees unions establish wage contracts that set the wages fixed up to the period where the contract is valid...

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