Shadow wage rate. The economic price of labor measured in the appropriate numeraire as the weighted average of its demand and supply price. For labor that is scarce, the SWR is likely to be equal to or greater than the project wage. For labor that is not scarce, the SWR is likely to be less than the project wage. Where labor markets for labor that is not scarce are competitive, the SWR can be approximated by a market wage rate for casual unskilled labor in the relevant location, and adjusted to the appropriate numeraire.