Maaß, Henrich; Seil, Friedrich L. - In: Zeitschrift für Wirtschaftspolitik 47 (1998) 1, pp. 78-108
Abstract In this paper, a critical comparison is made of the arguments within the controversy over the effects of “wage restraint”. The arguments are discussed in the framework of a portfolio theoretical macroeconomic model. Thus, not only is the market for real capital considered, but the...