Fred asks, of Duncan:
> Are you saying that GE theory cannot
> even ask the question of the effects of a change in the money wage rate or
> the real wage?
I presume Duncan is saying that. It's certainly true. But you can ask
what the effects are of (a) a change the demand for labour stemming from
a change in the conditions of production, or (b) a change in the supply
of labour. Both will affect the wage, but the general consequences will be
different.
Allin Cottrell