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Pay Policy, Accumulation and Productivity

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  • G.C. Harcourt

Abstract

The stock of capital goods will always be a mixture of new best-practice techniques and older vintages, associated with lower productivity and higher running costs yet still profitable to keep running if short-term variable costs are covered. A crucial determinant of the proportion of new to old machines in any industry's stock of capital goods is therefore the level and rate of change of wages. The rate of accumulation not only has these supply-side effects; it is also obviously a major determinant of activity and employment. There is the possibility of a virtuous cumulative process. To achieve this, we need to make sure, that wages in all industries rise by amounts which are determined principally by the growth of overall productivity and the general price level.

Suggested Citation

  • G.C. Harcourt, 1997. "Pay Policy, Accumulation and Productivity," The Economic and Labour Relations Review, , vol. 8(1), pages 78-89, June.
    • Handle: RePEc:sae:ecolab:v:8:y:1997:i:1:p:78-89
    DOI: 10.1177/103530469700800106
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    References listed on IDEAS

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    1. G. C. Harcourt, 1995. "Capitalism, Socialism and Post-Keynesianism," Books, Edward Elgar Publishing, number 206.
    2. Meade,James Edward, 1995. "Full Employment Regained?," Cambridge Books, Cambridge University Press, number 9780521556972.
    3. G. C. Harcourt, 1962. "Productivity And Technical Change," The Economic Record, The Economic Society of Australia, vol. 38(83), pages 388-394, September.
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    Cited by:

    1. Courvisanos, Jerry, 2009. "Political aspects of innovation," Research Policy, Elsevier, vol. 38(7), pages 1117-1124, September.
    2. Aidt, T.S. & Tzannatos, Z., 2005. "The Cost and Benefits of Collective Bargaining," Cambridge Working Papers in Economics 0541, Faculty of Economics, University of Cambridge.
    3. Toke Aidt & Zafiris Tzannatos, 2002. "Unions and Collective Bargaining : Economic Effects in a Global Environment," World Bank Publications - Books, The World Bank Group, number 15241, December.
    4. Jerry Courvisanos, 2012. "Political Economy of Innovation and Sustainable Development," Chapters, in: Blandine Laperche & Nadine Levratto & Dimitri Uzunidis (ed.), Crisis, Innovation and Sustainable Development, chapter 8, Edward Elgar Publishing.

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