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Why the coronavirus shouldn't stand in the way of the next wage increase

  • Written by: Michael Keating, Visiting Fellow, College of Business & Economics, Australian National University
Why the coronavirus shouldn't stand in the way of the next wage increaseShutterstock

In the early 1970s, when rising inflation and unemployment tore through the economy, someone coined the aphorism “one man’s wage increase is another man’s job” (unfortunately, most of the talk was about men in those days).

It took off, in part because it appealed to common sense. If the price of something...

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