shadow real wage

English

Noun

shadow real wage (plural shadow real wages)

  1. (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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