- Title
- Some obstacles to wage-led growth
- Creator
- King, John E.
- Date
- 2019
- Type
- Text; Journal article
- Identifier
- http://researchonline.federation.edu.au/vital/access/HandleResolver/1959.17/170446
- Identifier
- vital:14161
- Identifier
-
https://doi.org/10.4337/roke.2019.03.03
- Identifier
- ISBN:2049-5323
- Abstract
- I begin by providing a non-technical summary of the Post-Keynesian model of wage-led growth. I then summarise the work of microeconomists and industrial relations researchers on the reasons why real wages have failed to keep pace with labour productivity, leading to a steady decline in the wage share of GDP. These include the decline of trade unions, the erosion of the welfare state and (especially) the increasing ability and willingness of employers to evade and avoid labour market regulation. I conclude that these microeconomic problems need to be solved for a macroeconomic strategy of wage-led growth to be possible.
- Publisher
- Edward Elgar Publishing
- Relation
- Review of Keynesian Economics Vol. 7, no. 3 (2019), p. 308-320
- Rights
- Copyright © 2019 The Author.
- Rights
- Open Access
- Rights
- This metadata is freely available under a CCO license
- Subject
- Deregulation; Inequality; Labour markets; Trade unions; Wage-led growth
- Full Text
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