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Wage Moderation Does Not Work: Unemployment in Europe

Author

Listed:
  • Engelbert Stockhammer

    (Wirtschaftsuniversität Wien, engelbert.stockhammer@wu-wien.ac.at)

Abstract

Orthodox economics blames rigid labor markets and, consequently, high wages for high and persistent unemployment in the euro-area. This is at odds with stylized facts. Unemployment has remained high despite the fact that wage shares have fallen substantially since 1980. Wages moderation has proven unable to improve the employment performance of the euro-area for the past twenty-five years. One reason for this is that the demand regime in the euro-area is wage led.

Suggested Citation

  • Engelbert Stockhammer, 2007. "Wage Moderation Does Not Work: Unemployment in Europe," Review of Radical Political Economics, Union for Radical Political Economics, vol. 39(3), pages 391-397, September.
    • Handle: RePEc:sae:reorpe:v:39:y:2007:i:3:p:391-397
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    Citations

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    Cited by:

    1. Ponsot, Jean-François, 2016. "The “four I's” of the international monetary system and the international role of the euro," Research in International Business and Finance, Elsevier, vol. 37(C), pages 299-308.
    2. Giovanni Covi, 2020. "Euro area growth differentials: diverging and reinforcing factors in a Kaleckian SVAR approach," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 47(1), pages 147-180, February.
    3. Giovanni Covi, 2021. "Trade imbalances within the Euro Area: two regions, two demand regimes," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 48(1), pages 181-221, February.

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