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Keynes versus the Classics in the 1970s


  • Isaac, J


The wage inflation and unemployment in Australia during the 1970s have been analysed by many writers. With the benefit of hindsight, this paper examines the facts and assumptions of earlier writings in connection with various questions - whether centralisation of wage determination was a factor in the wage inflation, the circumstances leading to the wage indexation system, why the system failed, and whether reduced trade union density and enterprise bargaining after the 1990s were responsible for more moderate wage increases and reduced industrial strife. The paper notes the neglect in earlier discussion of the importance of trade protection and globalisation in the operation of the labour market.

Suggested Citation

  • Isaac, J, 2012. "Keynes versus the Classics in the 1970s," Australian Bulletin of Labour, National Institute of Labour Studies, vol. 38(2), pages 96-110.
  • Handle: RePEc:fli:journl:26236
    Note: Isaac, J., 2012. Keynes versus the Classics in the 1970s. Australian Bulletin of Labour, Vol. 38 No. 2, pp. 96-110.

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    References listed on IDEAS

    1. Roberts, Anna M. & Pannell, David J. & Doole, Graeme & Vigiak, Olga, 2012. "Agricultural land management strategies to reduce phosphorus loads in the Gippsland Lakes, Australia," Agricultural Systems, Elsevier, vol. 106(1), pages 11-22.
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    Cited by:

    1. Ian M. McDonald, 2017. "‘We Will End Up Being a Third Rate Economy … A Banana Republic’: How Behavioural Economics Can Improve Macroeconomic Outcomes," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 50(2), pages 137-151, June.
    2. Joe Isaac, 2018. "Why Are Australian Wages Lagging and What Can Be Done About It?," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 51(2), pages 175-190, June.
    3. Cowgill, Matt, 2013. "A Shrinking Slice of the Pie: The Labour Income Share in Australia," MPRA Paper 46209, University Library of Munich, Germany.

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    Employment; Australia; Economic inflation;


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