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Productivity Of Labor Oriented Wage Policy

Author

Listed:
  • George Chobanov

    (Faculty of Economics and Business Administration, Sofia University St Kliment Ohridski)

Abstract

Main objective of productivity oriented wage policy is the achievement of full employment with price stability preserved. The basic principle of productivity oriented wage policy states that wage has to be increased in the same rate as productivity of labor increases. In this case, increase of wages can not cause inflation. For practical implementation of productivity oriented wage policy limitation guide lines are introduced. Guide lines are designed for employers, employees and government as limitations in their agreements. At labor market they concern changes in wages, social security, working time etc., at public goods market they are for public expenditure, taxes, social costs, at money market limitations on monetary base are imposed.

Suggested Citation

  • George Chobanov, 2012. "Productivity Of Labor Oriented Wage Policy," Yearbook of the Faculty of Economics and Business Administration, Sofia University, Faculty of Economics and Business Administration, Sofia University St Kliment Ohridski - Bulgaria, vol. 10(1), pages 251-279, March.
    • Handle: RePEc:sko:yrbook:v:10:y:2012:i:1:p:251-279
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