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- W2487135981 abstract "We can summarize the preceding analysis by listing three conditions which must be fulfilled if we are to restore full employment for any sustained length of time: 1. Aggregate demand must be kept sufficiently high. 2. Wages must not rise much faster than labour productivity. 3. The share of profits must be such that the right mix of labour-using and labour-saving investment is undertaken, given the rate of growth of the labour force. The fundamental obstacle to achieving these conditions is, and has been, the tendency of wages to rise faster than productivity, and at an accelerating pace, when unemployment is low and profits are high. We consider policies to alter this state of affairs in (roughly) ascending order of their radicalism (we do not, however, consider very radical policies).KeywordsMonetary PolicyTrade UnionReal WageCollective BargainingWage IncreaseThese keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves." @default.
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- W2487135981 date "1978-01-01" @default.
- W2487135981 modified "2023-09-26" @default.
- W2487135981 title "Policies to restore full employment" @default.
- W2487135981 doi "https://doi.org/10.1007/978-1-349-16020-4_7" @default.
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