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Palgrave Macmillan

Wage-Led Growth

An Equitable Strategy for Economic Recovery

ISBN 9781137357922
Publication Date December 2013
Formats Hardcover Ebook (EPUB) Ebook (PDF) 
Publisher Palgrave Macmillan, Interantional Labour Organisation (Co-publisher)
Series Advances in Labour Studies

Wage-Led Growth examines the causes and consequences associated with the falling wage share and rising inequality in income distribution, relating to both aggregate demand and labour productivity. It presents new empirical and econometric evidence regarding the economic causes and potential impact of changing income distribution. The volume also analyses the policy implications and strategies for a wage-led recovery that would alleviate the global problems associated with the rising household debt needed to sustain consumption expenditures and with new mercantilist policies based on wage moderation. In turn, it provides an overarching framework that will prove invaluable to present and future researchers and policy-makers.

Marc Lavoie is Full Professor in the Department of Economics at the University of Ottawa, Canada and an IMK Research Fellow. He has published over 180 journal articles or book chapters, and six books, among which Monetary Economics (2007) with Wynne Godley.

Engelbert Stockhammer is Professor of Economics at Kingston University, UK. He has published widely in academic journals on unemployment, distribution-led demand regimes, financialization and European economic policy. He is author 'The rise of unemployment in Europe' (2004) and co-editor of Heterodoxe Ökonomie (in German, 2009), Stabilising an Unequal Economy (2011) and Modern Guide to Keynesian Economics and Economic Policies (Edward Elgar 2011).

Foreword; Sangheon Lee
Introduction; Marc Lavoie and Engelbert Stockhammer
1. Wage-led Growth: Concept, Theories and Policies; Marc Lavoie and Engelbert Stockhammer
2. Why have Wage Shares Fallen? An Analysis of the Determinants of Functional Income Distribution; Engelbert Stockhammer
3. Is Aggregate Demand Wage-led or Profit-led? A Global Model; Özlem Onaran and Giorgos Galanis
4. Wage-led or Profit-led Supply: Wages, Productivity and Investment; Servaas Storm and C.W.M. Naastepad
5. The Role of Income Inequality as a Cause of the Great Recession and Global Imbalances; Simon Sturn and Till van Treeck
6. Financialisation, the Financial and Economic Crisis, and the Requirements and Potentials for Wage-led Recovery; Eckhard Hein and Matthias Mundt

Giorgos Galanis, New Economics Foundation, UK
Eckhard Hein, Berlin School of Economics and Law, Germany
Marc Lavoie, University of Ottawa, Canada
Matthias Mundt, Berlin School of Economics and Law, Germany
C.W.M. (Ro) Naastepad, Delft University of Technology, The Netherlands
Özlem Onaran, University of Greenwich, UK
Engelbert Stockhammer, Kingston University, UK
Servaas Storm, Delft University of Technology, The Netherlands
Simon Sturn, University of Massachusetts in Amherst, USA
Till van Treeck, University of Duisburg-Essen, Germany


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