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Wage-led growth: concepts, theories and policies

Author

Listed:
  • Marc Lavoie

    (CEPN - Centre d'Economie de l'Université Paris Nord - UP13 - Université Paris 13 - USPC - Université Sorbonne Paris Cité - CNRS - Centre National de la Recherche Scientifique, University of Ottawa [Ottawa])

  • Stockhammer Engelbert

    (Kingston University)

Abstract

The subprime financial crisis that started in 2007 and which became the global financial crisis challenges economists and policy-makers to reconsider the theories and policies that had gradually been accepted as conventional wisdom over the last thirty years. It is widely recognized that the global financial crisis has called into question the efficiency and stability of unregulated financial markets. This chapter argues that it has also demonstrated the limitations and even falsehood of the claim that wage moderation, accompanied by more flexible labour markets as well as labour institutions and laws more favourable to employers, will ultimately make for a more stable economy and a more productive and dynamic economic system.

Suggested Citation

  • Marc Lavoie & Stockhammer Engelbert, 2013. "Wage-led growth: concepts, theories and policies," Post-Print hal-01343661, HAL.
    • Handle: RePEc:hal:journl:hal-01343661
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    Cited by:

    1. Jan Behringer & Till van Treeck, 2017. "Varieties of capitalism and growth regimes," FMM Working Paper 09-2017, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    2. , Stone Center & Ranaldi, Marco, 2020. "Distributional Aspects of Economic Systems," SocArXiv n7wj4, Center for Open Science.
    3. Eckhard Hein & Walter Paternesi Meloni & Pasquale Tridico, 2021. "Welfare models and demand-led growth regimes before and after the financial and economic crisis," Review of International Political Economy, Taylor & Francis Journals, vol. 28(5), pages 1196-1223, October.
    4. Nitzan, Jonathan & Bichler, Shimshon, 2014. "Can Capitalists Afford Recovery? Three Views on Economic Policy in Times of Crisis," Review of Capital as Power, Capital As Power - Toward a New Cosmology of Capitalism, vol. 1(1), pages 110-155.
    5. Christian A Belabed & Thomas Theobald & Till van Treeck, 2018. "Income distribution and current account imbalances [Notes on capacity utilisation, distribution and accumulation]," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 42(1), pages 47-94.
    6. Bichler, Shimshon & Nitzan, Jonathan, 2014. "How Capitalists Learned to Stop Worrying and Love the Crisis," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, issue 66, pages 65-73.
    7. Jan Behringer & Till van Treeck, 2018. "Varieties of capitalism and growth regimes: the role of income distribution," IMK Working Paper 194-2018, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    8. Bichler, Shimshon & Nitzan, Jonathan, 2013. "Can Capitalists Afford Recovery? Economic Policy When Capital is Power," Working Papers on Capital as Power 2013/01, Capital As Power - Toward a New Cosmology of Capitalism.
    9. Nieto, Jaime & Carpintero, Óscar & Lobejón, Luis Fernando & Miguel, Luis Javier, 2020. "An ecological macroeconomics model: The energy transition in the EU," Energy Policy, Elsevier, vol. 145(C).
    10. Alpaslan AKÇORAOĞLU, 2018. "Küresel Stagnasyon ve İktisadi Stagnasyon Teorilerinin Karşılaştırmalı Analizi," Sosyoekonomi Journal, Sosyoekonomi Society, issue 26(35).
    11. repec:ejw:journl:v:16:y:2019:i:2:p:342-373 is not listed on IDEAS
    12. Jan Behringer & Till van Treeck, 2013. "Income distribution and current account: A sectoral perspective," IMK Working Paper 125-2013, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    13. Eckhard Hein, 2017. "Post-Keynesian macroeconomics since the mid 1990s: main developments," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 14(2), pages 131-172, September.
    14. Caiani, Alessandro & Catullo, Ermanno & Gallegati, Mauro, 2019. "The effects of alternative wage regimes in a monetary union: A multi-country agent based-stock flow consistent model," Journal of Economic Behavior & Organization, Elsevier, vol. 162(C), pages 389-416.
    15. Luis Cárdenas del Rey, 2019. "Salarios y crecimiento económico durante el desarrollismo franquista," Documentos de Trabajo (DT-AEHE) 1906, Asociación Española de Historia Económica.
    16. Lucrezia Fanti, 2018. "An AB-SFC Model of Induced Technical Change along Classical and Keynesian Lines," Working Papers 3/18, Sapienza University of Rome, DISS.
    17. Robert Jump & Ivan Mendieta-Muñoz, 2017. "Wage led aggregate demand in the United Kingdom," International Review of Applied Economics, Taylor & Francis Journals, vol. 31(5), pages 565-584, September.
    18. Jochen Hartwig, 2018. "Wachstumsfolgen von Einkommensungleichheit – Theorie, empirische Evidenz und Politikempfehlungen," Chemnitz Economic Papers 020, Department of Economics, Chemnitz University of Technology.
    19. Norbert Berthold & Adalbert Winkler & Sascha Becker & Thiemo Fetzer & Dennis Novy & Marianne Kneuer & Nikolaus Kowall & Sascha O. Becker, 2017. "Das Phänomen »Populismus«: Ursachen und Gegenrezepte," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 70(12), pages 03-21, June.
    20. Olivier Giovannoni, 2014. "Income Distribution Macroeconomics," Economics Working Paper Archive wp_807, Levy Economics Institute.
    21. Engelbert Stockhammer & Collin Constantine & Severin Reissl, 2015. "Neoliberalism, trade imbalances, and economic policy in the Eurozone crisis [Neoliberalism, trade imbalances, and economic policy in the Eurozone crisis]," Nova Economia, Economics Department, Universidade Federal de Minas Gerais (Brazil), vol. 25(spe), pages 749-775, December.

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