Notes and Discussions - The Question of High Wages and a Proposal by J.M. Keynes
AbstractThe article discusses Keynes's proposal contained in "The Question of High Wages" (1930) and Pagni's criticism against it. In the article there emerges the author's aversion to Pagni's thesis: wage rises reduce firms' self-financing margins, and, more in general, the savings of entrepreneurs whence come investment and, consequently, employment. Vito is not completely against high wages, but only if they are within the limits set by economic law: "Limits are set on social policy; that believing to be allowed to cross these limits undermines the whole social economy and in particular the working class".
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Bibliographic InfoArticle provided by Vita e Pensiero, Pubblicazioni dell'Universita' Cattolica del Sacro Cuore in its journal Rivista Internazionale di Scienze Sociali.
Volume (Year): 119 (2011)
Issue (Month): 3/4 ()
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Theory of wages; J.M. Keynes; C. Pagni; wages and social policy;
Find related papers by JEL classification:
- B2 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925
- B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
- E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
- E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
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