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Wage-led growth : concepts, theories and policies

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  • Lavoie, Marc.
  • Stockhammer, Engelbert.

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.
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Suggested Citation

  • Lavoie, Marc. & Stockhammer, Engelbert., 2012. "Wage-led growth : concepts, theories and policies," ILO Working Papers 994709363402676, International Labour Organization.
  • Handle: RePEc:ilo:ilowps:994709363402676
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    References listed on IDEAS

    as
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    Cited by:

    1. repec:elg:ejeepi:v:14:y:2017:i:2:p131-172 is not listed on IDEAS
    2. Bichler, Shimshon & Nitzan, Jonathan, 2014. "How Capitalists Learned to Stop Worrying and Love the Crisis," EconStor Open Access Articles, ZBW - German National Library of Economics, pages 65-73.
    3. repec:taf:irapec:v:31:y:2017:i:5:p:565-584 is not listed on IDEAS
    4. 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.
    5. Jochen Hartwig, 2018. "Wachstumsfolgen von Einkommensungleichheit – Theorie, empirische Evidenz und Politikempfehlungen," Chemnitz Economic Papers 020, Department of Economics, Chemnitz University of Technology.
    6. repec:zbw:caprev:157913 is not listed on IDEAS
    7. 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.
    8. repec:nov:artigo:v:25:y:2015:i:spe:p:749-775 is not listed on IDEAS
    9. 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.

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