Wage-led growth: concepts, theories and policies

Marc Lavoie and Engelbert Stockhammer

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Abstract: The subprime financial crisis that started in 2007 and which became the global financial crisis challenges economists and policy-makers to reconsider the theories and policies that had gradually been accepted as conventional wisdom over the last thirty years. It is widely recognized that the global financial crisis has called into question the efficiency and stability of unregulated financial markets. This chapter argues that it has also demonstrated the limitations and even falsehood of the claim that wage moderation, accompanied by more flexible labour markets as well as labour institutions and laws more favourable to employers, will ultimately make for a more stable economy and a more productive and dynamic economic system.

Date: 2013
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Published in Wage-Led Growth: An Equitable Strategy for Economic Recovery, International Labour Office - Palgrave Macmillan, pp. 13-39, 2013

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Working Paper: Wage-led growth: concepts, theories and policies (2012)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01343661

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