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Wage Determination, Capital Shortage and Unemployment: A Comparison between Germany and the UK

In: Growth, Employment and Inflation

Author

Listed:
  • Philip Arestis
  • Iris Biefang-Frisancho Mariscal

Abstract

This chapter relates to John Cornwall’s work in two major ways. First, we develop a conflict model of inflation which is similar in spirit to Cornwall’s (1990) claim that there exists an inflationary bias in capitalism unless decentralized wage- and price-setting behaviour is coordinated by means of an incomes policy. Second, Cornwall has long proclaimed the importance of investment spending for maintaining full employment (see, for example, Cornwall, 1979), a thesis that is very much in tune with one of our main propositions regarding the importance of capital shortages in creating unemployment.

Suggested Citation

  • Philip Arestis & Iris Biefang-Frisancho Mariscal, 1999. "Wage Determination, Capital Shortage and Unemployment: A Comparison between Germany and the UK," Palgrave Macmillan Books, in: Mark Setterfield (ed.), Growth, Employment and Inflation, chapter 17, pages 241-253, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-27393-5_17
    DOI: 10.1007/978-1-349-27393-5_17
    as

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