Unit Labour Costs as an Indicator of International Competitiveness
According to the concept of the productivity-oriented wage policy, increases in wages should be guided by the development in labour productivity. This would leave unit labour costs unchanged. This applies, however, only to economies which are in equilibrium; it is not valid for disequilibrium situations, as is illustrated by the British economy and the Austrian nationalized industries. The labour productivity actually measured is not an exogenous variable, but is influenced through substitution processes by the development of wages. Wage policy, therefore, should be judged by the traditional economic performance criteria, rather than by development of productivity.
Year of publication: |
1989
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Authors: | Pollan, Wolfgang |
Published in: |
WIFO Monatsberichte (monthly reports). - Österreichisches Institut für Wirtschaftsforschung (WIFO), ISSN 0029-9898. - Vol. 62.1989, 10, p. 613-619
|
Publisher: |
Österreichisches Institut für Wirtschaftsforschung (WIFO) |
Subject: | Die Lohnstückkosten als Kennzahl der Wettbewerbsfähigkeit. Methodische Bemerkungen | Unit Labour Costs as an Indicator of International Competitiveness |
Description of contents: | Abstract [wifo.ac.at] |
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