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- wage_spiral abstract "In macroeconomics, the price/wage spiral (also called the wage/price spiral or wage-price spiral) represents a vicious circle process in which wage increases cause price increases which in turn cause wage increases, possibly with no answer to which came first. It can start either due to high aggregate demand combined with near full employment or due to supply shocks, such as an oil price hike. There are two separate elements of this spiral that coexist and interact: Business owners raise prices to protect profit margins from rising costs, including nominal wage costs, and to keep the real value of profit margins from falling. Wage-earners try to push their nominal after-tax wages upward to catch up with rising prices, to prevent real wages from falling. To maintain purchasing power equal to the rising costs reflected by a consumer price index (CPI), a taxable salary must increase faster than the CPI itself to result in an after-tax wage increase comparable to the increased cost of goods and services - unless tax brackets are indexed.So "wages chase prices and prices chase wages," persisting even in the face of a (mild) recession. This price/wage spiral interacts with inflationary expectations to produce long-lived inflationary process. Some argue that incomes policies or a severe recession is needed to stop the spiral. The first element of the price/wage spiral does not apply if markets are relatively competitive.The spiral is also weakened if labor productivity rises at a quick rate. Rising labor productivity (the amount workers produce per hour) compensates employers for higher wages costs while allowing employees to receive rising real wages, and while allowing the company's margin to stay the same.".
- wage_spiral wikiPageID "788836".
- wage_spiral wikiPageLength "2326".
- wage_spiral wikiPageOutDegree "14".
- wage_spiral wikiPageRevisionID "663303498".
- wage_spiral wikiPageWikiLink Adaptive_expectations.
- wage_spiral wikiPageWikiLink Aggregate_demand.
- wage_spiral wikiPageWikiLink Category:Inflation.
- wage_spiral wikiPageWikiLink Consumer_price_index.
- wage_spiral wikiPageWikiLink Full_employment.
- wage_spiral wikiPageWikiLink Incomes_policies.
- wage_spiral wikiPageWikiLink Incomes_policy.
- wage_spiral wikiPageWikiLink Macroeconomics.
- wage_spiral wikiPageWikiLink Perfect_competition.
- wage_spiral wikiPageWikiLink Productivity.
- wage_spiral wikiPageWikiLink Real_versus_nominal_value_(economics).
- wage_spiral wikiPageWikiLink Real_vs._nominal_in_economics.
- wage_spiral wikiPageWikiLink Recession.
- wage_spiral wikiPageWikiLink Supply_shock.
- wage_spiral wikiPageWikiLink Virtuous_circle_and_vicious_circle.
- wage_spiral wikiPageWikiLinkText "Price/wage spiral".
- wage_spiral wikiPageWikiLinkText "price/wage spiral".
- wage_spiral wikiPageWikiLinkText "wage spiral".
- wage_spiral hasPhotoCollection wage_spiral.
- wage_spiral wikiPageUsesTemplate Template:Economics_sidebar.
- wage_spiral wikiPageUsesTemplate Template:Multiple_issues.
- wage_spiral wikiPageUsesTemplate Template:Reflist.
- wage_spiral subject Category:Inflation.
- wage_spiral type Article.
- wage_spiral type Article.
- wage_spiral type Indicator.
- wage_spiral comment "In macroeconomics, the price/wage spiral (also called the wage/price spiral or wage-price spiral) represents a vicious circle process in which wage increases cause price increases which in turn cause wage increases, possibly with no answer to which came first. It can start either due to high aggregate demand combined with near full employment or due to supply shocks, such as an oil price hike.".
- wage_spiral label "Price/wage spiral".
- wage_spiral sameAs Inflační_spirála.
- wage_spiral sameAs Lohn-Preis-Spirale.
- wage_spiral sameAs مارپیچ_قیمت-دستمزد.
- wage_spiral sameAs Infliacijos_spiralė.
- wage_spiral sameAs Loon-prijsspiraal.
- wage_spiral sameAs Spirala_inflacyjna.
- wage_spiral sameAs m.03cb55.
- wage_spiral sameAs Q277622.
- wage_spiral sameAs Q277622.
- wage_spiral wasDerivedFrom wage_spiral?oldid=663303498.
- wage_spiral isPrimaryTopicOf wage_spiral.