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This volume challenges the view that unemployment is exclusively
determined by structural characteristics of the labour market and
the social benefit system. Macroeconomic policies and investment in
capital stock are included in the analysis and are shown to have a
major role to play. Wage setting in the labour market has no direct
impact on employment but nominal wages set in this market affect
the price level. Following mainstream recommendations with respect
to labour market reforms in an environment of low growth and
serious effective demand problems, may contribute to deflationary
risks. Unemployment and 'structural reforms' also cause falling
labour income shares and more unequal personal income distribution.
These developments contribute to slow growth and rising
unemployment. This is shown in applying growth models, which rely
on the principle of effective demand and which also incorporate the
effects of distribution struggle.
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