shadow real wage
From Wiktionary, the free dictionary
Noun
shadow real wage (plural shadow real wages)
- (economics) A shadow price of labor, i. e. a real wage which is not based on actual market exchanges.
- 1982, Frank Hahn, Monetary and Inflation, Oxford: Basil Blackwell, page 49:
- Lucas has said that he finds [involuntary unemployment] a mysterious notion, but in fact it is crystal clear: the shadow real wage of the unemployed is below the prevailing real wage.
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