Real wages also rose sharply following the Black Death in other places for which we have...

Real wages also rose sharply following the Black Death in other places for which we have evidence, such as Spain, Italy, Egypt, the Balkans, and Constantinople (present-day Istanbul).

1. How does the growth of real wages compare with the growth of real GDP per capita as a measure of economic progress?

2. Try out your arguments on others. Do you agree or not? If you disagree, are there any facts that could resolve your disagreement, and what are they? If there are not, why do you disagree?

Expert Solution

Fisher's equation tells that nominal interest is equal to rela interest rate plus inflation rate. He told that people can get disguised by an increase in nominal interest rate due to the increase in the inflation rate. So a true measure og growth is the real interest rate.

This concept is applied everywhere now. Be it wages or the GDP of any country. When the inflation is factored out then the residual is the "REAL".

So if there is growth in real wages that means that there is actual increase n the wage over and above the inflation that is present in the economy. This means that the country is doing do and employers are giving hike to the employees, thereby increasing the standard of living which is one of the component used to check the progress of a country. Coming to the real GDP growth, which gives us the true picture of the progress of the economy as a whole. If an economy is growth at the inflation rate that means the econmy is stagnant. Hence the economy has to grow over and above the inflation rate which can be seen using Real GDP growth. hence the real per capital increase means how much more a person is earning over and above the inflation rate.

Hence we can say that both these things together tell ius the overall progree of the country. And these measure are used for HDI index also.

I toltally agree with it and there isno sense of disagreement.

And I solely agree that they

Rahul Sunny answered 2 years ago

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