Abstract

LAVOIE, Marc  and  STOCKHAMMER, Engelbert. Wage-led growth: Concept, theories and policies. El trimestre econ [online]. 2023, vol.90, n.357, pp.215-265.  Epub June 09, 2023. ISSN 2448-718X.  https://doi.org/10.20430/ete.v90i357.1781.

The article aims to reconsider the theories and policies that have prevailed in the world economy during the last decades and have been implemented without being questioned, despite events such as the global financial crisis of 2007, which have demonstrated the inefficiency and instability of unregulated financial markets. It makes a comparative study regarding pro-capital public policies and those pro- labor, as well as between economic regimes driven by profits or by wages, by debt or by exports, and analyzes how the combination of these factors can affect an economy. In this way, it demonstrates that neoliberalism is no longer viable for growth and considers the need for a paradigm shift.

Keywords : Wage-led regime; profit-led regime; financial markets; pro-capital versus pro-labor distributional policies; growth regimes; D53; E24; J08.

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