The greenback period lasted until 1879 when the US returned to the gold standard. Then this happened: (Rothbard)
"The figures tell a remarkable story. Both consumer prices and nominal wages fell by about 30% during the last decade of the greenbacks. But from 1879-1889 [on gold standard], while prices kept falling, wages rose 23%. So real wages, after taking inflation-or the lack of it-into effect, soared."
The greenback period lasted until 1879 when the US returned to the gold standard. Then this happened: (Rothbard)
"The figures tell a remarkable story. Both consumer prices and nominal wages fell by about 30% during the last decade of the greenbacks. But from 1879-1889 [on gold standard], while prices kept falling, wages rose 23%. So real wages, after taking inflation-or the lack of it-into effect, soared."