British and American Changes in Interindustry Wage Structure Under Full Employment

1957 ◽  
Vol 39 (4) ◽  
pp. 408 ◽  
Author(s):  
Pamela Haddy ◽  
N. Arnold Tolles
Keyword(s):  
Full Employment ◽  
Wage Structure

The First Half-Century of Australian Wage Policy—Part II

1979 ◽  
Vol 21 (2) ◽  
pp. 129-160 ◽  
Author(s):  
K.J. Hancock
Keyword(s):  
Full Employment ◽  
Wage Structure ◽  
Economic Consequences ◽  
Economic Conditions ◽  
Wage Policy ◽  
Economic Role ◽  
Labour Costs ◽  
Economic Climate ◽  
Wage Increases ◽  
Evaluation Of Policies

The Commonwealth Court began with little conception of an economic role for itself but the Piddington Commission, the economic stringencies of the 1920s and the Depression of the 1930s forced it to recognise that role. During the 1940s the wages policy of the Court became confused because of the change in membership of the Court, the changed economic climate in which it functioned. Also, until 1950, the Court had not defined for itself the implica tions that wage increases had on a full-employment economy. After 1950 there was a single-minded commitment to avoiding inflation which over-simplified the economic consequences of wages policy and, so uncomfortably did the economic role sit on the shoulders of the Court, that this role was often denied to exist. The conclusion is that the Court developed a capacity for absorbing economic ideas and analysing the condition of the economy but the evaluation of policies for relativities lagged behind the development of policies for relating labour costs to economic conditions: a comprehensive wage policy includes a specific role for wage structure but the Court failed to develop it.

Is money the creation of the state or the market? (On the “modern monetary theory” as described in the textbook by W. Mitchell, L. R. Wray and M. Watts “Macroeconomics”)

2020 ◽  
pp. 121-134
Author(s):  
S. A. Andryushin
Keyword(s):  
Public Debt ◽  
Scientific Community ◽  
Full Employment ◽  
Term Effect ◽  
Scientific Concept ◽  
Monetary Theory ◽  
Left Wing ◽  
Medium Term ◽  
Short Term ◽  
Stimulation Of

In 2019, a textbook “Macroeconomics” was published in London, on the pages of which the authors presented a new monetary doctrine — Modern Monetary Theory, MMT, — an unorthodox concept based on the postulates of Post-Keynesianism, New Institutionalism, and the theory of Marxism. The attitude to this scientific concept in the scientific community is ambiguous. A smaller part of scientists actively support this doctrine, which is directly related to state monetary and fiscal stimulation of full employment, public debt servicing and economic growth. Others, the majority of economists, on the contrary, strongly criticize MMT, arguing that the new theory hides simple left-wing populism, designed for a temporary and short-term effect. This article considers the origins and the main provisions of MMT, its discussions with the mainstream, criticism of the basic tenets of MMT, and also assesses possible prospects for the development of MMT in the medium term.

Problems of the US Economic Policy

2013 ◽  
pp. 129-143
Author(s):  
V. Klinov
Keyword(s):  
Economic Policy ◽  
Real Estate ◽  
Full Employment ◽  
Tax Rates ◽  
Equitable Distribution ◽  
Investment Rate ◽  
The Us ◽  
Budget Systems ◽  
Enterprise Activity ◽  
The U.S

How to provide for full employment and equitable distribution of incomes and wealth are the keenest issues of the U.S. society. The Democratic and the Republican Parties have elaborated opposing views on economic policy, though both parties are certain that the problems may be resolved through the reform of the federal tax and budget systems. Globalization demands to increase incentives for labor and enterprise activity and for savings to secure proper investment rate. Tax rates for labor and enterprise incomes are to be low, but tax rates for consumption, real estate and land should be progressive.

An Islamic Framework for Employer-Employee Relationships

1992 ◽  
Vol 9 (2) ◽  
pp. 202-218 ◽  
Author(s):  
M. Ramzan Akhtar
Keyword(s):  
Human Nature ◽  
Wage Structure ◽  
Point Of View ◽  
Employee Relationships ◽  
The Subject ◽  
Islamic Institutions

IntroductionIslamic teachings envisage a balanced society achieved through thefunctioning of Islamic institutions. This paper visualizes three main institutions:ukhiwah, ‘adl, and ihsan. Ukhuwah (brotherhood) promotes the bonds ofbrotherhood, and ‘adl (justice) enforces a system of individual and socialobligations. Islam stresses the importance of meeting one’s obligations, becauseeach obligation has its corresponding right. Thus, an individual’s effort to meethidher obligations leads to the fulfillment of everyone’s rights. This does notmean that Islam forbids one from demanding hidher rights, even though thisdemand does pose a problem related to human nature: an individual wants his/herrights and also some part of another person’s rights. Therefore, one group’sdemand for its rights tends to encroach upon the rights of another group, whichcauses social friction and disorder. The institution of ihsan (benevolence) goesone step further: it exhorts individuals to forego their rights for the sake of others,which is considered an act of piety.This paper will study employer-employee relationships in the light of thethree institutions mentioned above. A framework for conducting employer-employeerelationships is formulated and is then used to determine, from theIslamic point of view, the proper wages. The findings of this paper show thatan economically efficient and equitable wage structure can evolve within thisframework and that such a wage structure would promote the parties’ mutualrelationships which, in turn, would lead to industrial peace.The body of the paper is organized as follows: a review of the existingliterature on the subject, the development of an Islamic framework for employer-employeerelationships, a discussion of the Islamic approach to wagecompensation, and some concluding remarks ...

The American Wage Structure, 1920-1947

1998 ◽  
Author(s):  
Thomas NMI Ferguson ◽  
James K. Galbraith
Keyword(s):  
Wage Structure

Unemployment

2017 ◽  
Author(s):  
Jim Tomlinson
Keyword(s):  
Full Employment ◽  
Economic Life ◽  
Employment Policy ◽  
Conservative Government

This chapter examines the underpinnings of full employment policy, and the popular understandings of economic life that went along with it. It examines how and why the defeat of unemployment achieved such importance, and how the policy was understood and represented from the 1940s onwards. Next it looks at the tensions surrounding this policy aim from the 1970s, and how it unravelled in the 1980s. The downgrading of the significance given to full employment was accomplished by a variety of strategies to reshape understanding, from the questioning of the ‘reality’ behind official enumeration of unemployment in the early 1970s through to the revival of ‘scrounger’ narratives. It looks at how the Conservative government after 1979 reacted to the surge in unemployment, and how they tried to establish a new popular understanding of the causes of job losses.

The IMF and the Politics of Austerity in the Wake of the Global Financial Crisis

2018 ◽  
Author(s):  
Ben Clift
Keyword(s):  
Global Financial Crisis ◽  
Full Employment ◽  
Real Economy ◽  
Economic Stability ◽  
Public Power ◽  
The Great Recession ◽  
Regulatory Interventions ◽  
The Stability ◽  
The Global Financial Crisis ◽  
The Imf

The IMF uses crisis-defining economic ideas, and crisis legacy-defining ideas, to construct interpretations of economic crises in ways which prioritize particular policy or institutional responses, and rule out or marginalize others. The post-crash IMF enjoyed scope to shift the boundaries of ‘legitimate’ policy, involving heightened appreciation of ‘non-linear’ threats from losses of confidence, prolonged weak demand, and financial system fragilities and contagion. The policy corollaries of this Fund rethink were that economic stability has to be actively pursued through a wider range of policy and regulatory interventions by governments, central banks, the IMF, and other forms of authority and public power. In the context of the Great Recession, the Fund no longer considered it safe to assume an inherent tendency on the part of unfettered market forces in finance and the real economy to deliver the stability and full employment at the heart of its mandate.

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