Question

Why is 1973 the year economists use to measure wage growth in the US? What’s the relation between that year and our recent years?...

Answer 1

The year 1973 is the year that economists use to measure wage growth in the US because that age was of post war go-lend age and of frequent boom and bust.

Explanation:

The time of the 1973 was a time of recession in the United States of America and it led to the recession of at least four decades. There was a time of economic slow down and a crash in the stock market also.

There were at-least 2.3 million people who had lost their jobs in that time in the United States of America. The growth of the economy in the present days when compared to the time of 1973, tells the economists how forward and developed the economy has become and how forward has it gone.