During prolonged economic recessions when the normal cyclical expansion of output fails to materialize, the topic of the ‘cyclical behaviour of wages’ has emerged as an area of debate. In 1985, the British Treasury claimed that academic studies into the cyclical behaviour of wages demonstrated that a cut in wages would increase employment. Wages in the Business Cycle contests this argument by presenting the results of original, empirical work which illustrates the absence of any systematic empirical regularity to wage movements over the business cycle. Jonathan Michie argues that the re-emergence of this debate must be seen within the context of the theory of the ‘labour demand function’, representing an attempt to challenge the Keynesian theoretical assumptions implicit in the bulk of applied macro economic work up to the late 1970s.
| ISBN: | 9781472513182 |
| Publication date: | 7th November 2013 |
| Author: | Jonathan Michie |
| Publisher: | Bloomsbury Academic an imprint of Bloomsbury Publishing PLC |
| Format: | Hardback |
| Pagination: | 256 pages |
| Series: | Bloomsbury Academic Collections: Economics |
| Genres: |
Economic history |
During prolonged economic recessions when the normal cyclical expansion of output fails to materialize, the topic of the ‘cyclical behaviour of wages’ has emerged as an area of debate. In 1985, the British Treasury claimed that academic studies into the cyclical behaviour of wages demonstrated that a cut in wages would increase employment. Wages in the Business Cycle contests this argument by presenting the results of original, empirical work which illustrates the absence of any systematic empirical regularity to wage movements over the business cycle. Jonathan Michie argues that the re-emergence of this debate must be seen within the context of the theory of the ‘labour demand function’, representing an attempt to challenge the Keynesian theoretical assumptions implicit in the bulk of applied macro economic work up to the late 1970s.
Wages in the Business Cycle features in the following genres: Economic history
Wages in the Business Cycle is available in Hardback
Wages in the Business Cycle was written by Jonathan Michie and published by Bloomsbury Academic an imprint of Bloomsbury Publishing PLC
Wages in the Business Cycle has 256 pages
Yes it is part of Bloomsbury Academic Collections: Economics series