By Engelbert Stockhammer, M. Lavoie
This quantity seeks to head past the microeconomic view of wages as a value having destructive results on a given company, to think about the optimistic macroeconomic dynamics linked to wages as an incredible element of combination call for.
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Extra resources for Wage-Led Growth: An Equitable Strategy for Economic Recovery
While adepts of the socalled ‘endogenous growth theory’ will recognize that investment in human capital or research and development may end up modifying the potential growth rate, they usually set aside the idea that actual growth rates could have an influence on potential growth rates. Yet, since the advent of the global financial crisis, government agencies and central banks in many industrialized countries have lowered their forecasts of long-run real growth, thus demonstrating clearly that weak aggregate demand does have an impact on potential growth.
Com - licensed to University of Sydney - PalgraveConnect - 2014-01-27 demand on a global scale. If all countries pursue wage moderation policies, a much smaller subset of the countries in a profit-led total demand regime will still benefit from their pro-capital distributional policies. This highlights the need for policy-makers to realize the role of wages as a source of demand. On a more technical level, it highlights the need for international coordination when dealing with wage and social policies, so as to prevent a race to the bottom in wages.
What about supply effects? From our standpoint, the key summary variable for the supply side is labour productivity. Thus this section will focus on the productivity regime. com - licensed to University of Sydney - PalgraveConnect - 2014-01-27 is in a domestic wage-led demand regime. It is worth quoting Blecker’s views on this in full: 27 Productivity will be profit-led if an increase in wages discourages productivity-enhancing capital investment and, as a consequence, the growth of labour productivity slows down (as most forms of technological progress require capital investment, this is called embodied technological progress).