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Fiscal Policy Can Raise Both Employment and Productivity

  • William Scarth
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    According to the conventional wisdom, we face a trade-off between our equity and efficiency objectives. The author challenges this proposition. He shows in a rigorous manner that employment subsidies can indeed lead to lower unemployment and higher productivity growth in a standard economic model. This finding is particularly timely given the announcement by the Canadian government in the November 2005 Economic and Fiscal Update of a Working Income Tax Benefit. The author approvingly notes that this initiative suggests that the government may be starting to appreciate the pro-growth benefits of simultaneously addressing structural unemployment and inequality.

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    File URL: http://www.csls.ca/ipm/11/IPM-11-scarth-e.pdf
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    File URL: http://www.csls.ca/ipm/11/IPM-11-scarth-f.pdf
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    Article provided by Centre for the Study of Living Standards in its journal International Productivity Monitor.

    Volume (Year): 11 (2005)
    Issue (Month): (Fall)
    Pages: 39-46

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    Handle: RePEc:sls:ipmsls:v:11:y:2005:5
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    1. N. Gregory Mankiw, 1999. "The Savers-Spenders Theory of Fiscal Policy," Harvard Institute of Economic Research Working Papers 1888, Harvard - Institute of Economic Research.
    2. Michelle Alexopoulos, 2003. "Growth and unemployment in a shirking efficiency wage model," Canadian Journal of Economics, Canadian Economics Association, vol. 36(3), pages 728-746, August.
    3. Osberg, L., 1995. "The Equity/Efficiency Trade-Off in Retrospect," Department of Economics at Dalhousie University working papers archive 95-04, Dalhousie, Department of Economics.
    4. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
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