Question
In 1976 the US average hourly wage for manufacturing workers was $5/hour. In 2015 it was $20/hour - an increase of 300%. The Consumer Price
In 1976 the US average hourly wage for manufacturing workers was $5/hour. In 2015 it was $20/hour - an increase of 300%. The Consumer Price Index (CPI) in 1976 was 100 and in 2015 it was 316. Are US hourly manufacturing workers earning more in 2015 than 1976? In your answer be sure to explain the difference between the real and nominal wage.
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Econometric Analysis
Authors: William H. Greene
5th Edition
130661899, 978-0130661890
