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The Economist: Working it

Official figures show that the UK unemployment rate fell to 7.1% in October 2013. But wages remain below the pre-crisis level. Bill Martin and Robert Rowthorn, Economists at the Centre for Business Research at CJBS, say that “declining wages are encouraging firms to rely more on human labour and less on capital—machines or software—leading to more employment at lower productivity rates across the economy.

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