Meanwhile, productivity growth has been cut in half, causing real wages to be a thing of the past.
Friedman, by contrast, described a "natural rate" of unemployment below which the nation could not go without causing wages and prices to spiral upward.
The danger of imposing this burden on employers is that it may cause wages to fall and unemployment to rise.
House prices were falling, and a nationwide slowdown in productivity had caused wages to trail inflation for years.
They fear good times will cause wages and prices to climb.
As bad as the Great Depression was, it took place during a period of high productivity growth, which caused real wages to rise.
Trade unions often caused high wages and industrial disruption, while full employment was regarded as unsustainable.
There are a variety of reasons that marriage might cause higher wages.
With hospitals in a similar bind, competition for workers has caused wages to soar.
The Fed also points to a rapid growth of spending that could cause wages and prices to rise even faster.