By Leroy, Werner
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Additional resources for Principles of Financial Economics Leroy and Werner
Thus, we get instability from this two-fold positive feedback mechanism. 1 reﬂect similar results, thus giving rise to two types of adverse and two types of stabilizing real-wage reaction patterns. In this chapter we concentrate on situations in which the real-wage dynamics are labor market led (for which there is some evidence in the US economy [see Chen et al. (2006)] and also the ongoing debate on procyclical real wages in this regard). Chen et al. (2006) analyze proﬁt-led-goods market activities, but the literature is not extensive on this topic, since post-Keynesian authors normally assume wage-led situations in their analysis.
Minimum real wages, therefore, make the ﬂuctuations in the economy less severe, reduce periods of stagﬂation, and diminish the volatility in the employment rate in the long run. This is clearly a more desirable situation from an economic point of view, since it avoids excessive ﬂuctuations of the employment rate. It is also more desirable socially, because the social consequences of unemployment are now avoided through the transfer payments underlying this tamed operation of the classical reserve-army mechanism.
This ratio is made dependent on the rate of employment in the external labor market in a positive way, since ﬁrms will accept higher demand pressure within their Kalecki: Full Employment Welfare Capitalism? ■ 35 workforce employment relationship (instead of recruiting new workers) if the external labor market has become tighter. Firms, therefore, react to both measures of demand pressure (in the labor market and within the production process) by attempting to obtain some balance in these two types of wage pressure, just as in a physical capillary system.