The Determination of Money Wages in American Industry

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Abstract
Issues in wage determination, 379. — Hypothesis 1 (institutional): wage rates are set by a bargaining process, 381. — Hypothesis 2 (economic): both product and labor market factors influence wage determination, 381. — Hypothesis 3 (economic): two variables, profit and unemployment rates, are sufficient to explain most of the variation in the rate of increase of wage rates, 383. — Hypothesis 4 (institutional): wage determination in a group of heavy industries is interdependent, 384. — Hypothesis 5 (institutional): wages are determined in wage rounds, 386. — The central result on wages: wage determination in the key group, 388. — Some supporting evidence: time series for individual industries within the key group, 390. — The significance of other variables — productivity, 392; consumer prices, 392. — Wage determination outside the key group, 394. — Results of cross-section analysis, 397. — Reconciliation of time series and cross-section results, 401. — Relation to previous empirical results, 402. — Is there a Phillips curve for the United States? 406. — Extrapolation of the central result, 406. — Summary and concluding comment, 408. — Appendix I. The derivation of the central result, 409. — Appendix II. The construction of unemployment estimates for two-digit industries, 413.

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