But the corollary has been that workers are suffering from wage cuts in real terms.
Even more important is the impact of wage cuts on morale.
Despite signs of economic recovery, millions of workers face wage cuts and freezes under new salary guidelines.
So you might think that wage cuts raise employment — which they do at the level of the individual employer.
Shops are offering colossal discounts, even bigger than the painful spending and wage cuts passing through parliament in its pastel-painted palace on the hill above the city.
Even during the early years of the Great Depression, manufacturing workers actually saw their real wages rise, and wage cuts have been scarce in every recession since.
