Where Do We Go from Here? 2. Real Wages, Effective Demand and Economic Development

Frank Wilkinson

Cambridge Journal of Economics, 1988, vol. 12, issue 1, 179-91

Abstract: In the historical development of the real wage, four dynamically interacting processes are identified: a progressive rise in productiv e potential; the diffusion of the increased quantity and widened variet y of goods into consumption so that the customary standard of life rises; the consolidation of the customary standard of life into the real wage by collective bargaining; and a progressive extension of the coverage of collective bargaining and the enhanced standard of life t o include groups previously excluded, a process extended to others than those in employment by the growth of the welfare state. It is argued that the level and distribution of the real wage and the related str ucture of consumption has important implications for the pace of economic growth. Copyright 1988 by Oxford University Press.

Date: 1988
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