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A Race to the Bottom: Measuring Income Loss and Poverty in Greece

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  • Vlassis Missos
  • Nikolaos Rodousakis
  • George Soklis

Abstract

More than a decade after the 2009 crisis, the standards of living of the Greek population are still contracting and the prospects are gloomy. In this policy note, Vlassis Missos, Research Associate Nikolaos Rodousakis, and George Soklis deal with how to approach the measurement of income loss and poverty in Greece and argue for the use of household disposable income (HDI) in estimating adjustments, which offers a more accurate appreciation of the burden falling on the Greek population. They underline the significance of replacing a "southern-European model" of social protection with a passive safety net model--and the centrality to the latter model of embracing ideas of internal devaluation and fiscal consolidation--and suggest a better measure of poverty, for the case of Greece specifically and in general for developed economies in which front-loaded neoliberal policies are imposed. Finally, they comment on the sacrifice that would be required if fiscal discipline were to return in the aftermath of the COVID-19 pandemic lockdowns.

Suggested Citation

  • Vlassis Missos & Nikolaos Rodousakis & George Soklis, 2022. "A Race to the Bottom: Measuring Income Loss and Poverty in Greece," Economics Policy Note Archive 22-2, Levy Economics Institute.
    • Handle: RePEc:lev:levypn:22-2
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    References listed on IDEAS

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    1. Vlassis Missos & Nikolaos Rodousakis & George Soklis, 2021. "A Recovery for Whom? The Case of the Greek Tourism Sector," Economics Policy Note Archive 21-4, Levy Economics Institute.
    2. Kurz, Heinz D, 1985. "Effective Demand in a "Classical" Model of Value and Distribution: The Multiplier in a Sraffian Framework," The Manchester School of Economic & Social Studies, University of Manchester, vol. 53(2), pages 121-137, June.
    3. Theodore Mariolis, 2008. "Pure Joint Production, Income Distribution, Employment And The Exchange Rate," Metroeconomica, Wiley Blackwell, vol. 59(4), pages 656-665, November.
    4. Metcalfe, J S & Steedman, Ian, 1981. "Some Long- Run Theory of Employment, Income Distribution and the Exchange Rate," The Manchester School of Economic & Social Studies, University of Manchester, vol. 49(1), pages 1-20, March.
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    1. Vlassis Missos & Nikolaos Rodousakis & George Soklis, 2022. "On Measuring the Impact of Internal Devaluation in Greece: Poverty, Flexibility, Migration and Growthless Employment," World, MDPI, vol. 3(2), pages 1-14, May.

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