a column by Jennifer Castle, David Hendry and Andrew Martinez for VOX: CEPR’s Policy Portal
Real wages and productivity in the UK have stagnated since 2007, whereas employment has risen considerably. Many commentators lament the consequent failure of `living standards’ to rise at historical rates.
But real GDP per capita has grown by more than 20% since 2000 despite the Great Recession, so aggregate living standards have in fact risen.
This column resolves the apparent paradox.
Continue reading and if you appreciate graphical information then you are in for a treat!
Labels:
living_standards, real_wages, productivity, UK, global_crisis, Great_Recession,
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