Wages: functions, types, inequalities

Maarten van Klaveren

Chapter 9 in The Elgar Companion to Decent Work and the Sustainable Development Goals, 2025, pp 116-127 from Edward Elgar Publishing

Abstract: After elaborating on the functions and types of wages, this chapter documents the widespread decline of the wage share in national incomes and its causes. (Lifting) statutory minimum wages (SMWs) may counteract this trend, but a large informal sector and the weak enforcement capacity of governments remain as serious obstacles. A related problem is the growing global inequality in private wealth; here, the regulation of the worldwide financial system has left ample room for tax evasion. Since 1995 declining wage shares and tax-evasive practices have impeded economic growth and employment creation on a near-global scale. More recently a counter-movement is gaining momentum based on the notion that wages should be a main source of support for living standards: ‘living wages’. International declarations can provide leverage to bring living wages closer. In particular lending arguments from the Sustainable Development Goals (SDG’s) 8, 1, 5 and 10 may be useful.

Keywords: Business and Management; Development Studies; Economics and Finance; Sociology and Social Policy; Sustainable Development Goals (search for similar items in EconPapers)
Date: 2025
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