For instance, in the case of two countries where wages are determined in collective bargaining and employment/hours according to the labour-demand function, with different degrees of union power, these two countries would pick different points on the labour-demand function and a negative relation between wages and employment/hours would occur.
They stand at 30%, down four points on the month, while Labour has held steady on 38%.
Just as he weighed up and defeated his rivals to become his party's mayoral candidate and then did the same to Goldsmith to punishing effect, Khan has sized up the job of bossing City Hall from a starting point on the practical Labour left and proceeded with focus and energy.
While this persists it will constrain inflationary pressures and given the gap's size, it is likely to last a long time, even with a healthy recovery.As if to underline the point, official figures on the labour market published on the same day as the bank's report showed earnings (excluding bonuses) rising by only 2.5% in the year to the second quarter, compared with 3.8% a year earlier.
A new poll by Ipsos MORI finds him eight points behind the Labour shadow chancellor, Ed Balls, on economic competence: a setback for Mr Osborne since March, when he was level-pegging with Mr Balls.
More polarised politics may be deepening voters' commitment – 66% of Tory supporters now say they are certain to turn out (up nine points on the month), and 60% of Labour supporters (up three).
The SNP is currently on 49%, up 29 points on 2010, with Labour and the Liberal Democrats both down by 15-16 points.
The Tories are up one point on 33 per cent, Labour unchanged on 42 per cent and Lib Dems 10 per cent.
Last week, one YouGov poll had Labour up 15 points on the Tories.
Labour were down two points on the comparable last poll, conducted in October, while the Tories were up one.
