Ellucidate why is it that wages are not dropping

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The demand for labor

Some economists might say: "The demand for labor is a derived demand, because, when the demand for goods and services drops, less labor will be demanded at old wage rates. the surplus of labor that results will ideally lead to a drop in wages until unemployment is eliminated." Why is it that wages are not dropping instead they are inching upward on a year to year basis?

 

Reference no: EM1338894

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