During the 1960s and 1970s, total wages and salaries grew faster than real interest rates, but since the 1980s, total wages and salaries have grown at a slower rate than real interest rates. What are the reasons for this change? What are the implications for a pay-as-you-go system?

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The Answer of During the 1960s and 1970s, total wages and salaries grew faster than real interest rates, but since the 1980s, total wages and salaries have grown at a slower rate than real interest rates. What are the reasons for this change? What are the implications for a pay-as-you-go system?

During the 1960s and 1970s, Total Wages and Salaries Grew