Cover -- Contents -- 1. Introduction -- 1. The 'stylized fact' of cyclical wages -- 1.1. The belief in counter …-cyclical real wages -- 2. Theory, facts and falsification -- 2.1. Falsification and the methodological responses -- 2 ….2. Real and product wages -- 2.3. Marginal user cost -- 2.4. Shape of cost curves -- 2.5. Mark-up -- 3. Methods -- 3.1. Wage …