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the periphery countries which do not have competitive wages compared to either the core or RoW!

But that is because of competitive wage deflation in the core and the RoW, not because of wage inflation.

Though this begs the question, wage deflation/inflation relative to what?

Economics is politics by other means

by Migeru (migeru at eurotrib dot com) on Fri Aug 19th, 2011 at 12:05:37 PM EST
[ Parent ]
Relative to productivity, of course.

- Jake

Austerity can only be implemented in the shadow of a concentration camp.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Fri Aug 19th, 2011 at 12:16:40 PM EST
[ Parent ]

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