The paper purports to elucidate how productivity, the real wage, the share of wages, the terms of trade and raw material prices are interrelated in a small open economy. Basically, the analysis is an exercise in truisms. However, the paper also scrutinizes the relationship between these key-entities under two alternative hypotheses concerning the pricing process.
Nationaloekonomisk Tidsskrift, 1987, Vol 125, Issue 3, p. 390-404
Bytteforhold; Produktivitet; Løn; Lille åben økonomi