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Notes and Discussions - The Question of High Wages and a Proposal by J.M. Keynes

Author

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  • Francesco Vito

Abstract

The article discusses Keynes's proposal contained in "The Question of High Wages" (1930) and Pagni's criticism against it. In the article there emerges the author's aversion to Pagni's thesis: wage rises reduce firms' self-financing margins, and, more in general, the savings of entrepreneurs whence come investment and, consequently, employment. Vito is not completely against high wages, but only if they are within the limits set by economic law: "Limits are set on social policy; that believing to be allowed to cross these limits undermines the whole social economy and in particular the working class".

Suggested Citation

  • Francesco Vito, 2011. "Notes and Discussions - The Question of High Wages and a Proposal by J.M. Keynes," Rivista Internazionale di Scienze Sociali, Vita e Pensiero, Pubblicazioni dell'Universita' Cattolica del Sacro Cuore, vol. 119(3/4), pages 309-318.
    • Handle: RePEc:vep:journl:y:2011:v:119:i:3/4:p:309-318
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    More about this item

    Keywords

    Theory of wages; J.M. Keynes; C. Pagni; wages and social policy;
    All these keywords.

    JEL classification:

    • B2 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity

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