Pay Policy, Accumulation and Productivity

Geoffrey Harcourt

Chapter 19 in Selected Essays on Economic Policy, 2001, pp 263-275 from Palgrave Macmillan

Abstract: Abstract We live in an increasingly competitive environment, nationally and internationally, both with regard to industrial and commercial capital and to financial capital. One consequence of attempts to cope with this situation has been the emergence of sustained mass unemployment in the advanced capitalist economies. Yet inflation still remains stubbornly persistent in most countries and there has also been a decline in the rate of growth of productivity in some of them. We have witnessed, as well, instability in major markets — those for foreign exchange, labour, property and financial assets — and great variability in the rate of accumulation around unsatisfactory average levels in many industries and in economies as wholes.

Keywords: Full Employment; Income Policy; Equilibrium Exchange Rate; Animal Spirit; Basic Wage (search for similar items in EconPapers)
Date: 2001
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Journal Article: Pay Policy, Accumulation and Productivity (1997)
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-51056-2_19

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DOI: 10.1057/9780230510562_19

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