Mainstream economists believe that a rigid labor market is not efficient to guarantee full employment, while a more flexible one helps to reduce unemployment. We use a new methodology for testing this thesis and then we focus on young and women employment rates.
After the great crisis of 2007-2008, the average stock prices of financial wealth (stocks and securities) on the major stock markets have been characterized by a continuous growth that the economists are still struggling to explain. In this paper we propose an interpretation and a subsequent empirical review of the phenomenon that is based on a complete re-formulation of the quantum theory of the money. According to it, wealth stock inflation is an indirect effect of an excess of production capacity in the real economy and the associated process of creating new money.
Nell’ultimo ventennio, il mercato del lavoro italiano è stato oggetto di una serie di riforme che lo hanno radicalmente trasformato. Dal “Pacchetto Treu” (L. 196/97) alla “Legge Biagi” […]
During the last decades, there has been a considerable decline in the wage share in both developed and developing countries. This paper provides a theoretical and empirical investigation on the relationship between the redistribution of income in favour of wages and economic growth. The analysis deepens the effects of a change in the wage share on aggregate demand in Italy. The policy conclusions of the paper question the effectiveness of the current wage moderation strategies, especially implemented in Italy, suggesting the adoption of redistributive policies aiming at stimulating the growth of the economic system.
Reforms introduced by the 1990s in labor market and pension system (whose budget is significantly active) threaten social cohesion and growth. The increased part of workers currently penalized by modest and discontinuous wages will also have decreasing pensions compared to per capita GDP. Figurative contributions for verified unemployed could avoid a medium term coming social blow up.
We suggest a policy measure, consistent with UE budget constraints, which aims to achieve a higher output gap through an increase in the participation rate: the greater stance for fiscal policy would allow for the possibility to finance a minimum income (conditional to active job-seeking). An empirical example is provided for the Italian case.
The external constraint is still crucial within the EMU: without industrial policies aiming at enhance growth and export competitiveness, the same austerity measures implemented in the aftermath of the Eurozone crisis would be reintroduced to confine aggregate demand in peripheral countries in order to curb their import.
Il tasso di disoccupazione è una delle misure sintetiche rilevanti – insieme al tasso di crescita del PIL reale – sullo stato di salute del sistema economico. La […]
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