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(economics) A shadow price of labor, i. e. a real wage which is not based on actual market exchanges.

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shadow real wage

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shadow real wage

noun

(economics) A shadow price of labor, i. e. a real wage which is not based on actual market exchanges.

The shadow real wage is an important concept in economics.

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(economics) A shadow price of labor, i. e. a real wage which is not based on actual market exchanges.

Lucas has said that he finds [involuntary unemployment] a mysterious notion, but in fact it is crystal clear: the shadow real wage of the unemployed is below the prevailing real wage.

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shadow real wage

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