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Journal article

Wages, government policy and unemployment

Abstract:
In this paper we question the usefulness of what has become the new textbook orthodoxy — the 'new Keynesian' NAIRU theory. We then discuss the impact of the policy developments that follow from this orthodoxy, and argue that NAIRU theory has resulted in greater, not reduced, unemployment. Consequently, orthodox economic theory has added an upward twist to the stagnationist, high-unemployment ratchet.

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Publisher copy:
10.1080/09538259500000034

Authors


Frank Wilkinson More by this author
Jonathan Michie More by this author
Journal:
Review of Political Economy
Volume:
7
Publication date:
1995
DOI:
URN:
uuid:64e2efae-2b73-49d9-9023-bc78b351fa7a
Local pid:
oai:economics.ouls.ox.ac.uk:13881
Language:
English

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