Real wages represent only one aspect of the employment contract. Another aspect is working conditions, especially the safety of the environment. An extreme measure of safety is fatalities on the job. These have fallen inexorably since 1965 so that the chance of dying on the job is now only one-fifth of what it was a generation ago.
Suggested citation: “Workplace Fatalities,” Federal Reserve Bank of Cleveland, Economic Trends, no. 97-04, pp. 13, 04.01.1997.