Following Neo-Classical theories, developed countries continue to adopt austerity measures or too modest expansionary policies. However, their concern about the effects of public debt on economic growth found conflicting results in the empirical literature.
Fallimento Grecia | euro greco Il Fondo Monetario Internazionale (Fmi) ha rilasciato il rapporto sulla valutazione del programma di accesso eccezionale ai finanziamenti riservato alla Grecia (IMF, 2017a). […]
Most economists believe that the economic crisis is due to a structural excess of saving on investment. However, if we admit that production decisions follow the effective demand, it is easy to show that S and I are always equal. We suggest instead that crisis is due to the lack of demand that causes a high degree of unused capacity. The resulting sunk costs could be transferred to wages, further reducing demand. So, increasing investment, without raising wages, would worsen the effect of the crisis.
In the last years, the ECB has tried to encourage reforms of the Italy’s labour market including the increasing use of bargaining at the enterprise level. The aim is to contain the growth of wages and to permit higher productivity growth. However, the ECB did not take into consideration the changes in the real variables. In fact after the euro’s adoption, the growth of real wages was lower than the productivity growth. Furthermore, the current incentives system for the decentralized bargaining, that provides a tax benefit on productivity bonuses, seems to increase the territorial dualism North-South.
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In the Mediterranean model, pensions are doubly important: for the person who is entitled and for his family. Systematically weakening them, or not protecting them, means undermining social policies in their entirety. Specifically, the article examines the Italian case, where pensioners have a central function and indirectly take on the role of compensating for the gaps in protection and address the shortcomings of the welfare system.
The crisis is persisting in Europe; deflation, stagnation and the drop in industrial production dominate in various countries: less money to spend, lower consumption, fewer imports. This is the situation in Italy, as analyzed in the article; it has achieved an improvement in current account balances due to a loss of wealth caused by austerity, while a country like Germany continues to show a favorable balance of trade.
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