Abstract
DEFINITION OF ‘COST OF LIVING’ THE nominal wages of a working man are in the main governed by the demand for and the supply of such skill as he possesses. His real wages—what he can buy with his money—depend Upon the movement of prices. During a war, the mounting cost of living invariably directs public attention to the need for regulating wages so that real and nominal shall keep step. The ‘Cost of Living’ Index was designed for this purpose in 1914 and has been widely used ever since.
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JONES, D. ‘Working-Class’ Earnings and Expenditure. Nature 147, 377–379 (1941). https://doi.org/10.1038/147377a0
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DOI: https://doi.org/10.1038/147377a0
