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Wage-Unit

Does anyone know what the term wage-unit means?
Are you sure its not unit wage?

I would just imagine wage unit meant how the wage is denominated, eg "pounds per hour"

Unit wage is the wage cost per unit of output, eg for each mobile phone produced how much does a manufacturer spend in wages, does this go up or down over time as wages rise/production efficiency improves
Reply 2
Avatar for petercross1
petercross1
OP
Yeah I came across that term while trying to find a definition for wage-unit. The term wage-unit is used by keynes (in the general theory) and I came across it in a book by Edmund S. Phelps. I guess I'll work it out as I read.
(edited 13 years ago)
Reply 3
Avatar for Hiroo
Hiroo
Hi, I was also reading Keynes General Theory, and was puzzled by this "wage-unit".

After reading through the book, my understanding was that it is the same as "average annual wage of a worker." When Keynes talks about something like "national output measured in wage-units", he means something like this:

•

Japanese national output: 470 trillion Yen

•

Japanese national average wage = wage unit : 4.7 million Yen

•

Japanese national output in wage units: 100 million wage-units



Was this your understanding, or did you think it was something else?

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