This article presents an empirical analysis of wage flexibility in the formal private sector in Turkey. The analysis is based on a wage bargaining model that links the nominal wage demands to labour market conditions, which are proxied by the rate of unemployment; productivity improvements; and...

We are in a new episode of the global crisis: the struggle to distribute the costs of the crisis. The financial speculators and corporations are relabeling the crisis as a �sovereign debt crisis� and pressurizing the governments in diverse countries ranging from Greece to Britain to...

The paper provides an overview of the concept of wage-led growth, both as an analytical concept and as an economic policy strategy. At the core of our analysis is the distinction between wage-led and profit-led demand regimes. The Kaleckian tradition in macroeconomics asserts that a higher wage...

This paper analyzes the impact of distribution on accumulation, capacity utilization and employment for Turkey by estimating a post-Keynesian open economy model in a structural vector autoregression form. The need for empirical analysis of the relationship between distribution and growth is...

Ten years after its introduction, the Euro is in an existential crisis. The crisis is the outcome of economic policies that have aimed at labour market flexibility and financial integration. The paper argues, firstly, that the aggregate demand regime in the Euro area is wage led. While an...

Purpose: The purpose of this paper is twofold: first, to reassert the persistent association of the decline in collective bargaining with the increase in income inequality, the fall in the share of wages in national income and deterioration in macroeconomic performance in the UK; and second, to...