A business cycle fact is that real wages are pro-cyclical. Using the classical labor market as we have all semester,...
rahgup- A business cycle fact is that real wages are pro-cyclical. Using the classical labor market as we have all semester, show and explain how the classical economists explained this business cycle fact. In your essay, be sure to draw and refer to a completely labeled labor market diagram and production function showing exactly how the classical economists explain this business cycle fact. In particular, start at an initial equilibrium labeled as point A and then move to the new equilibrium as point B, clearly labeling the relevant 'shift' variables. Finish your essay by addressing the cyclicality of average labor productivity from point A to point B. Be sure to identify average labor productivity in your graph of the production function.
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