Suchergebnisse

The standard neo­classical model implies that the real wage should equate to the marginal product of labour, and therefore wages should, at least in the long run, rise at the same rate as labour productivity. That also underlies much of the politics of wage setting. This paper investigates the empirical relationship between real wages and labour productivity in New Zealand. It first looks at the labour share of income (GDP) and finds that the share has fallen in recent years indicating that real wages are also falling behind increases in labour productivity. It then considers variants of three wage measures that are available: the average hourly wage, the Labour Cost Index and the Compensation of Employees measure which is part of the National Accounts. In real terms, increases in the average wage and in the Compensation of Employees measure fall well behind increasing labour productivity. An analytical (non­official) series of the LCI measures tracks productivity very closely whereas the published LCI is essentially flat or falling when deflated. The paper concludes that real wage rises vary widely from labour productivity increases even over several business cycles. This has implications for wage setting, for the measurement of wage rates and productivity, and for the economic and wage models tested.

Two major events had been dominating effects in the New Zealand media in 2008. The general election was a demanding time in which the media played an active role beyond simply reporting events and came under scurtiny almost as much as the politicians. The international financial crisis became real for the world economy including New Zealand during the year. It cut advertising revenue, leading to financial stresses which had multiple effects on the media as for the rest of the economy. Covering the crisis in all its unpleasent innovation, historical parallels and complexity was also a test of journalists and media outlets in New Zealand as elsewhere. Meanwhile, digital media have continued to expand their coverage, influence, and financial impact, forcing the conventional media to change in the way they see the world. In New Zealand this was emphasised by a wide-ranging regulatory review. It is remarkable that ownership of the media has remained stable during the year. This is as much a result of the credit crunch as depite it: one major owners tried to sell and failed. The ownership continues to be highly concentrated with further acquisitions and centralisation by the major owners. This second annual survey of the media also looks at some developments between the law and the media and changes in the newspaper, internet, magazine, television and radio segements.