Edited by Brian K. MacLean, Hassan Bougrine and Louis-Philippe Rochon
Chapter 3: Kaleckian reflections on the wage share in recent Post-Keynesian controversies
This chapter examines the case for wage-led growth from the point of view of Micha_ Kalecki’s theory of wages. The chapter extends Kalecki’s formal consideration of wage increases to that of an open economy. The chapter argues that wage-led growth is a revival of earlier pre-Keynesian under-consumption theories that consider wages solely as income, rather than as a cost of production in capitalism.
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