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Pay Cuts, Profit Sharing and a National Minimum Wage

In: Economic Priorities for a Labour Government

Author

Listed:
  • Roy Hattersley

Abstract

The Chancellor of the Exchequer continues resolutely to march backwards into our economic past-confirming the old Keynesian doctrine that plain men, who claim to eschew theory and concentrate on practice, usually do no more than apply the theories of a bygone age. Mr Lawson — retaining as Chancellor the habits he picked up when a journalist — is always particularly excited by old ideas that have been dressed up to look as if they are new. The latest is profit sharing- an idea currently popularised by Professor Martin Weitzman, taken up by the SDP because they find the latest fads irresistible and now adopted by the Government as a headline catching alternative to introducing the changes in policy which the economy so desperately needs.

Suggested Citation

  • Roy Hattersley, 1987. "Pay Cuts, Profit Sharing and a National Minimum Wage," Palgrave Macmillan Books, in: Doug Jones (ed.), Economic Priorities for a Labour Government, chapter 14, pages 175-185, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-18608-2_14
    DOI: 10.1007/978-1-349-18608-2_14
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