Resumen

POZO SULBARAN, Bladimir David. The Influence of Real Wage Variations on the Venezuelan Economic Activity: Period (1998-2006). Revista de Ciencias Sociales [online]. 2008, vol.14, n.1, pp.73-87. ISSN 1315-9518.

This article analyses the influence of real wage variations on private consumption, on the one hand, by constituting a source of income, and on the production function of companies, on the other hand, by constituting a production cost; finally, on the aggregate level, its influence on Venezuelan GNP during the period from 1998:I to 2006:I is analyzed, using quarterly data and taking as a “Proxy” variable for real wage variations, the index of remunerations for salaried workers, the real earned wage index (Real IRE) and using the ordinary minimums squared (OMS) method to estimate Linear - Logarithmic models (Log - Lin), among them a Cobb-Douglas type production function. Conclusions with the evidence available were that the Real IRE, despite having an inverse (negative) and significant relationship regarding the product within the production function of companies, when constituted as a production cost, it does not show a direct (positive) relationship regarding consumption when constituting a source of income for workers; likewise, it does not show a significant influence on economic activity (GNP). These results could be attributed to the fact that price variations have been proportionally higher than variations in nominal salary, thereby diminishing the actual purchasing power of the population and to the great influence the informal sector of the economy exercises on the economic activity of the country.

Palabras clave : Real wage; Cobb-Douglas production function; labor market; real IRE; production cost.