[OPE-L:1137] Re: individual prices in Volume 1

Allin Cottrell (cottrell@wfu.edu)
Tue, 20 Feb 1996 05:45:35 -0800

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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

Allin Cottrell