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Realøkonomi, or real wages, refer to the purchasing power of earned income after adjusting for inflation. They measure how much households can actually buy with their wages, in contrast to nominal wages, which are stated in current money terms. Real wages are typically expressed per hour, per week, or per year and are often calculated using a price index such as the consumer price index (CPI) or the GDP deflator.

Real wages are calculated by dividing nominal wages by the price level. A simple way to understand changes is that real wage growth is roughly nominal wage growth minus inflation. For example, if wages rise by 4 percent while prices rise by 2 percent, real wages increase by about 2 percent. Different price measures (CPI, deflator) and methods (annual or quarterly) can yield slightly different results, but the general idea remains that inflation erodes or supports wage purchasing power.

Determinants of real wage changes include productivity growth, the strength of the labor market, wage bargaining power, and inflation dynamics. Higher productivity growth tends to support higher real wages, while high inflation or weak wage growth can erode purchasing power. Real wages influence living standards, household consumption, and savings, and they interact with taxes, transfers, and social benefits in determining take-home income.

Limitations exist in measuring real wages. Price indices may not reflect individual spending patterns, regional cost differences, or non-wage compensation such as benefits and housing. Changes in taxes and transfers also affect observed real wages. Real wages are widely used to assess living standards, track earnings over time, and compare economic performance across countries.