La modération salariale. Le point de vue (néo-)kaleckien

Wage restraint policies are generally perceived as a good way to support growth and employment. This idea is criticized by recent versions of the (neo-)kaleckian model which are built on three core assumptions : price setting relies on a mark-up rule; the propensity to save out of profits exceeds the propensity to save out of wages; investment depends on the current rate of profit. We present and discuss this model in its canonical form. Then we take into account some important developments : endogenous rate of mark-up in a wage bargaining frame, technical progress and open economy. Classification JEL : E12, E24, E64