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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.
Publication status:
Published
Peer review status:
Peer reviewed

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Publisher copy:
10.1080/09538259500000034

Authors


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Institution:
University of Oxford
Oxford college:
Kellogg College
Department:
Continuing Education
Role:
Author
More by this author
Institution:
Birkbeck College
Role:
Author
Publisher:
Edward Arnold
Journal:
Review of Political Economy Journal website
Volume:
7
Issue:
2
Pages:
133-149
Publication date:
1995-04-05
DOI:
EISSN:
1465-3982
ISSN:
0953-8259
URN:
uuid:708cf48e-ed8f-4fb2-a8c2-df8204cf921e
Local pid:
ora:2198
Language:
English
Subjects:

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