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An Analysis of the Trendency in the Change of Real Wages of American Workers——A Redical Institutional Perspective
LIU Ying
Teaching and Research
2003, (6):
56-61.
Since the 1970s the real wage of the American workers in manufacturing industry has been declining. To explain this phenomenon the mainstream economists resort to the traditional theory of relationship between supply and demand, and have proposed two explanations. One attributes this to changes in requirement for skills by the economy, resulting in "a mismatch of skills". The other attributes the decline of wage and unbalanced increase to globalization. Both explanations have obvious limitations. However, the attribution to institutional factors by scholars on the radical camp sounds more reasonable. The author concludes that the institutional factors are the crucial causes for the decline of the real wage of the American workers in manufacturing industry.
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