Towards a sustainable recovery : the case for wage-led policies.

Includes bibliographical references.

Foreword; Editorial; Wage-led growth:An introduction; Distribution and growth: A conceptual framework; Decline in the wage share: What are the causes?; Economic effects of a declining wage share; Classifying recent growth regimes and strategies:Credit-led growth, export-led growth or wage-led growth; Wage-led growth: a viable economic strategy; Leveraging inequality; Shifting wealth; Modelling the facts; Policy options; References; The productivity and investment effects of wage-led growth; How we got into this mess; The NAIRU model; A critique of the NAIRU; Further critique.

Empirical evidenceWages and economic recovery; References; The economics of wage-led recovery: Analysis and policy recommendations; Wage stagnation as an obstacle to recovery; Wage stagnation as a long-term structural problem; The economics of wage-led recovery; Empirical support for wage-led economics; A policy framework for wage-led recovery and growth; Conclusion; References; The impact of the crisis on labour relations and collective agreements in Greece; Main characteristics of the labour market in Greece; Trade unions and wage settingby collective agreement.

First measures aimed at the public sectorThe modifications to labour law; Changes to the collective agreement system; Conclusion; References; Tables; Table 1. Pro-labour and pro-capital distributional policies; Table 2. Economic structure: wage-led and profit-led demand and supply regimes; Table 3. Viability of growth regimes; Table 4. Actual growth strategies in the economic structure/distributionalpolicies framework; Table 5. Savings rates by income group, Germany, 1995-2007; Table 6. Econometric studies on wage-led and profit-led demand regimes; Table 7. Effects on private excess demand.

Table 8. Growth models of actually existing neo-liberalismTable 9. Increase in household debt 2000 to 2008; Table 10. International imbalances: current accountas a percentage of GDP; Table 1. Estimates of the impact of (investment) demand growth on productivity growth; Table 2. Estimates of the impact of real wage growth on productivity growth; Table 3. Estimates of the impact of labour market regulation on productivity growth; Table 1. Unemployment rates and output gaps in the OECD; Table 2. The prisoner's dilemma and international economic cooperation.

Table 3. Wage-led versus orthodox policy mixTable 1. Annual average wagein Europe in euros, 2009; Table 2. Unit labour costs in Europe, 2009; Figures; Figure 1. Adjusted wage shares in the euro area, the United States and Japan,1960-2007; Figure 1. Lending disposable income; Figure 2. Increasingly indebted; Figure 3. Borrowing from Peter to pay Paul; Figure 4. Averting a crisis; Figure 1. More labour market regulation and the NAIRU; Figure 2. More labour market regulation and higher real wage growthmay either reduce (panel a) or raise (panel b) the NAIRU.

Figure 1. The 1945-80 virtuous circle growth model.

This issue of the International Journal of Labour Research addresses a central issue, if not the key issue for the labour movement, that of wages and what has happened to them over the past three decades.

Print version record.

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