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Business Cycles and Economic Crisis: The Case of Car Sales in Athens, Greece (2000-2012)

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  • Panayotis G. Michaelides

    (Laboratory of Theoretical & Applied Economics, Department of Hu- manities, Social Sciences & Law, School of Applied Mathematics & Physics, National Tech- nical University of Athens, Greece)

  • Konstantinos N. Konstantakis

    (Laboratory of Theoretical & Applied Economics, Department of Humanities, Social Sci- ences & Law, School of Applied Mathematics & Physics, National Technical University of Athens, Greece)

Abstract

In the present paper we assess the validity of the dominant upskilling approach, according to which the technological advancements upgrade the skills demanded in labour process and lead eventually to higher remuneration and employment for skillful workers. However, the results from 15 OECD countries show that the skill-premium received by tertiary educated workers fails to serve as a possible interpretation of the widening wage differentials. The findings encourage research within the classical political economy deskilling according to which wages are determined by thesocially necessary labour time required for their skill acquisition.

Suggested Citation

  • Panayotis G. Michaelides & Konstantinos N. Konstantakis, 2015. "Business Cycles and Economic Crisis: The Case of Car Sales in Athens, Greece (2000-2012)," Bulletin of Political Economy, Bulletin of Political Economy, vol. 9(1), pages 69-83, June.
    • Handle: RePEc:awu:journl:v:9:y:2015:i:1:p:69-83
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    References listed on IDEAS

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