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Angebotsökonomie: wenig Innovation — viele Jobs!
[Supply-Side Economics: Little Innovation — Many Jobs!]

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  • Alfred Kleinknecht

Abstract

Deregulation of labour markets through structural reforms as proposed by supply side economists has a negative impact on innovation and brings down the growth rates of labour productivity. This paper discusses why the Schumpeter II innovation model is functioning poorly with higher labour turnover. Deregulation of labour markets also changes power relations between capital and labour, which leads to lower wage growth. Panel data analyses show that a one per cent lower wage increase leads to 0.32-0.49% lower growth of value added per labour hour.

Suggested Citation

  • Alfred Kleinknecht, 2017. "Angebotsökonomie: wenig Innovation — viele Jobs! [Supply-Side Economics: Little Innovation — Many Jobs!]," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 97(1), pages 25-27, March.
    • Handle: RePEc:spr:wirtsc:v:97:y:2017:i:1:d:10.1007_s10273-017-2118-1
    DOI: 10.1007/s10273-017-2118-1
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    More about this item

    JEL classification:

    • J53 - Labor and Demographic Economics - - Labor-Management Relations, Trade Unions, and Collective Bargaining - - - Labor-Management Relations; Industrial Jurisprudence
    • K31 - Law and Economics - - Other Substantive Areas of Law - - - Labor Law
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives

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