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Economic Growth and the High Wage Economy - Choices, Constraints and Opportunities in the Market Economy (Hardcover)
Loot Price: R4,644
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Economic Growth and the High Wage Economy - Choices, Constraints and Opportunities in the Market Economy (Hardcover)
Series: Routledge Frontiers of Political Economy
Expected to ship within 12 - 19 working days
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This book provides a theoretical framework to better understand how
firms, economies and labor markets have evolved. This is done in a
reader-friendly fashion, without complex mathematical arguments and
proofs. Economic Growth and the High Wage Economy shows how high
wage economies help make firms and economies more productive and
why high wage economies can be competitive even in an increasingly
globalized environment. It also demonstrates why concerns that
labor supply will dry up as wages increase and social benefits rise
are largely based on impoverished economic reasoning. The first
chapters provide a theoretical basis for the rest of the book,
showing for instance how higher wages are prone to increasing the
level of economic efficiency by getting people to work harder and
smarter (mainly smarter). Altman also explains that our
understanding of technological change can be markedly improved by
modelling technological change as a product of higher wages and
improved working conditions and other shocks to the economic
system. As the book develops, it is shown that increasing and high
levels of income inequality are not necessary for growth and
development, because the economic 'pie' grows when the economic
wellbeing of the lower half and even the middle improves. The
evolution of the state can also be better understood by applying
this analytical framework. So too can the persistence of
inefficient systems of production and cultural traits that appear
to be inconsistent with economic prosperity. On top of this, the
book examines the implications of Altman's theoretical framework
for macroeconomic analysis and policy. Finally, it is shown that
labor supply can be better understood by introducing target income
into the analytical mix. The main contribution of this book is
providing the theoretical underpinning for why relatively high
wages and, moreover, competition with high wages is good for
dynamic growth and development. This work establishes why an
alternative model of labor supply, based on the notion and reality
of target income, does a better job of explaining the evolution of
labor supply. The latter also reinforces the view that increasing
wage and workers' benefits should not be expected to damage the
economy, even in the realm of labor supply. This book will be of
interest to public policy experts, trade unions, human rights
experts and scholars of behavioural economics, labour economics and
globalization.
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