in Cambridge Journal of Economics
November 2012; p ublished online December 2012 .
Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Prices, Business Fluctuations, and Cycles; Money and Interest Rates; Monetary Policy, Central Banking, and the Supply of Money and Credit; Labour-Management Relations, Trade Unions, and Collective Bargaining; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook. 18754 words.
This paper examines empirically the evolution of the customary standard of life and how this relates to real wages and economic development. Its starting point is Sraffa’s reintroduction of...