Home
> Uncategorized > Graphs of the day. Hourly labor costs, European Union, change, 2008-2012
Graphs of the day. Hourly labor costs, European Union, change, 2008-2012
Graph 1.Relative change in hourly labour costs 2008-2012 for the whole economy
Remarkable: per hour labor costs in Greece relative to direct competitors like Italy and Spain (tourism!) declined with about 20%. Unemployment in Greece is however still increasing. Something comparable holds for Eastern Europe: wages over there are extremely low, compared with the rest of Europe. Still, their economies are not doing too well. We need investments, not wage cuts.
Graph 2. Estimated labour costs for the whole economy in EUR, 2012.
Leave a comment
—– look inside —– $5.94 / $20.00
—– look inside —– $4.90 / $8.00
—– look inside —– $15.99
—– look inside —– $5.99 / 12.99
—– look inside —– $5.93 / $12.99
—– look inside —– $4.97 / $9.90
—— Ugarteche, Puyana and Madi ——
Gerson Lima / Maria Alejandra Madi
Edward Fullbrook and Jamie Morgan
————— Michael Hudson ————–
Maria Alejandra Madi / Jack Reardon
————- Edward Fullbrook ————-
—————— Steve Keen —————–
————— Richard Smith —————
————– Gustavo Marques————
– Victor Beker and Beniamino Moro –
————– Lars Pålsson Syll ————-
—————– Stuart Birks —————-
Edward Fullbrook and Jamie Morgan
———— Armando Ochangco ———-
Shimshon Bichler / Jonathan Nitzan
————— Mauro Gallegati ————–
————— Herman Daly —————-
————— Asad Zaman —————
—————– C. T. Kurien —————
————— Robert Locke —————-
Real-World Economics Review Blog 
Lower wages correlate with poverty, not whit competitivity. It would be nice to see some charts comparing export each country market share (within the UE) with wages.
OK, I tried to write market share in exports by country vs wages.