where W is the annual rate of change of money wages in manufacturing, P is the annual rate of change of consumer prices, U is the average annual civilian unemployment rate, and R is the average annual profit rate of manufacturing corporations.' On the assumption that P -(W), specifically, P = W r, where r is the trend rate of increase of output per man-hour in the private non-farm economy the steady-state solution for W is a a-blr + b3R + b2 t. (1.2) 1-b, 1-b,