1 Department of Economics, Aarhus School of Business, Aarhus BSS, Aarhus University2 Department of Economics and Business Economics, Aarhus BSS, Aarhus University3 Department of Economics and Business Economics, Aarhus BSS, Aarhus University
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