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Pay and Inflation

In: Full Employment: A Pledge Betrayed

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  • John Grieve Smith

Abstract

As we saw in Chapter 3, the possibility of wage settlements fuelling a wage-price spiral was regarded by the architects of postwar employment policies as one of the most critical problems likely to emerge with the establishment of full employment. The 1944 White Paper on Employment Policy warned that: it will be essential that employers and workers should exercise moderation in wages matters … This does not mean that every wage rate must remain fixed at a particular level … there must be opportunity for the removal of anomalies in the rate of remuneration of different grades and categories of workers, both within an industry and between different industries. The principle of stability does mean, however, tfiat increases in the general level of wage rates must be related to increased productivity.

Suggested Citation

  • John Grieve Smith, 1997. "Pay and Inflation," Palgrave Macmillan Books, in: Full Employment: A Pledge Betrayed, chapter 7, pages 124-148, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-37238-2_7
    DOI: 10.1057/9780230372382_7
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