Pay and Inflation

John Grieve Smith

Chapter 7 in Full Employment: A Pledge Betrayed, 1997, pp 124-148 from Palgrave Macmillan

Abstract: Abstract As we saw in Chapter 3, the possibility of wage settlements fuelling a wage-price spiral was regarded by the architects of postwar employment policies as one of the most critical problems likely to emerge with the establishment of full employment. The 1944 White Paper on Employment Policy warned that: it will be essential that employers and workers should exercise moderation in wages matters … This does not mean that every wage rate must remain fixed at a particular level … there must be opportunity for the removal of anomalies in the rate of remuneration of different grades and categories of workers, both within an industry and between different industries. The principle of stability does mean, however, tfiat increases in the general level of wage rates must be related to increased productivity.

Keywords: Trade Union; Real Wage; Full Employment; Wage Bargaining; Income Policy (search for similar items in EconPapers)
Date: 1997
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-37238-2_7

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DOI: 10.1057/9780230372382_7

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