Yes, let's look at some preliminary data from the Department of Labor Statistics. We could summarize the whole thing by making up a grid something like the one that will be shown below. It is only when one of the two curves is shifted that we obtain unambiguous qualitative predictions for the change in wages and employment. In another direction the subject of productivity and changes in it are important to the study of the labor input. The approach focuses on the people part of the productivity equation.
People manage more effectively.
To boost our rate of productivity will require several short and long-range strategies. Some of these actions have been already instituted and perhaps soon we shall see the impact of these policies. Distinguish between money wage and real wages. Summarize the reasons why wages differ across occupations and between workers. Explain the role of market structure in the determination of the wage and employment levels in the labor market.