Are Wages Going Down?

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  • Additional Information
    • Subject Terms:
      DEPRESSIONS (Economics); WAGES; PRICE maintenance; ECONOMIC development; BUSINESS cycles; INCOME
    • Abstract:
      When the U.S. was in the midst of its last preceding major depression, the rallying cry of the reconstructionists was "Back to Normalcy." The restoration of good times was to come about by the deflation of what was deemed to be an abnormally high level of most price series, especially the price of labor. Wages, the argument ran, had to be cut in order that production costs might be decreased. Present major depression find pinning the hopes to a radically different economic philosophy. There is no thought that there was anything abnormal in the conditions that prevailed some fifteen months ago, and consequently there is no demand for a return to normality.