In accordance with views rooted in neoclassical theory, the substantial growth of employment in the USA in the 1990s is generally attributed to the flexibility of the labour market. The purpose of this paper is to outline an alternative reconstruction of the causes of America’s economic recovery, which sees the investment decisions of firms as independent of the saving decisions of the collectivity, and the recovery as largely independent of the effects of the flexibility of real wages described in neoclassical theory.
Effective demand versus wage flexibility: some notes on the causes of the growth of employment in the USA in the nineties / Maffeo, Vincenzo. - In: CONTRIBUTIONS TO POLITICAL ECONOMY. - ISSN 0277-5921. - STAMPA. - 20:1(2001), pp. 1-15. [10.1093/cpe/20.1.1]
Effective demand versus wage flexibility: some notes on the causes of the growth of employment in the USA in the nineties
MAFFEO, Vincenzo
2001
Abstract
In accordance with views rooted in neoclassical theory, the substantial growth of employment in the USA in the 1990s is generally attributed to the flexibility of the labour market. The purpose of this paper is to outline an alternative reconstruction of the causes of America’s economic recovery, which sees the investment decisions of firms as independent of the saving decisions of the collectivity, and the recovery as largely independent of the effects of the flexibility of real wages described in neoclassical theory.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
