shadow real wage

English

shadow real wage (plural shadow real wages)

(economics) A shadow price of labor, i. e. a real wage which is not based on actual market exchanges.
- 1982, Frank Hahn, Monetary and Inflation, Basil Blackwell, Oxford, p. 49
  Lucas has said that he finds [involuntary unemployment] a mysterious notion, but in fact it is crystal clear: the shadow real wage of the unemployed is below the prevailing real wage.