Introduction

Marc Lavoie and Engelbert Stockhammer

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Abstract: The main goal of the book is to go beyond the microeconomic view of wages as a cost that has negative consequences on the economy and to consider the positive macroeconomic dynamics associated with wages as a major component of aggregate demand. Wage growth can generate both demand growth and productivity growth. Insufficient wage growth and, more broadly, the polarization of income distribution have contributed to the economic crisis, and thus this process has to be reversed. What we need is a new growth strategy, which the ILO (2012), in its latest global wage report, has called ‘equitable growth'. This will involve increased domestic consumption, supported by rising Wages.

Date: 2013
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Published in Wage-Led Growth: An Equitable Strategy for Economic Recovery, International Labour Office - Palgrave Macmillan, pp. 1-12, 2013

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01343660

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