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Exchange Rate Depreciation and Real Wages*
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May 29th 2023, Prabhat Patnaik
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Most
people, including even trained economists, fail to appreciate
the fact that an exchange rate depreciation, if it is
to work in reducing the trade deficit in a capitalist
economy, must necessarily hurt the working class by
lowering the real wage rate.
*
This article was originally published in the Peoples
Democracy on
May 28, 2023.
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