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on Post Keynesian Economics |
| By: | Mark Hayes (Durham University) |
| Abstract: | A core proposition of Keynes’s General Theory is that money wages do not determine real wages or employment at the aggregate level in a closed economy. What then is the macroeconomic role of trades unions in the determination of real wages and employment? What are the mechanisms through which bargaining power takes effect? The paper argues that trades unions play important roles in countering employer monopsony as well as in determining the non-wage terms and conditions of employment and the incidence of risk between capital and labour. In the former role, it is the money wage that is relevant, while the latter role is a factor in the determination of aggregate real income and profit, yet the aggregate real wage itself and the wage share are residuals. Trades unions have the potential to support the promotion of full employment with price stability as part of a policy of demand management through the adoption of co-ordinated wage bargaining institutions. |
| Keywords: | Collective bargaining, wage co-ordination, income distribution |
| JEL: | E23 E25 J30 J51 J52 |
| Date: | 2016–08 |
| URL: | http://d.repec.org/n?u=RePEc:pke:wpaper:pkwp1615&r=pke |
| By: | Dean Baker |
| Abstract: | This paper analyzes the evidence for rents due to the patent and copyright systems for financing innovation and creative work. It notes research suggesting that in both the patent and copyright system, the costs in the form of monopoly pricing and rent-seeking activity outweigh the benefits. It then proposes alternatives to the patent and copyright system. The Kauffman Foundation helped support this work. |
| JEL: | I I1 I18 I14 O O31 O33 O34 K K11 |
| Date: | 2016–08 |
| URL: | http://d.repec.org/n?u=RePEc:epo:papers:2016-12&r=pke |
| By: | Pinaki Chakraborty |
| Abstract: | The primary objective of rule-based fiscal legislation at the subnational level in India is to achieve debt sustainability by placing a ceiling on borrowing and the use of borrowed resources for public capital investment by phasing out deficits in the budget revenue account. This paper examines whether the application of fiscal rules has contributed to an increase in fiscal space for public capital investment spending in major Indian states. Our analysis shows that, controlling for other factors, there is a negative relationship between fiscal rules and public capital investment spending at the state level under the rule-based fiscal regime. |
| Keywords: | Fiscal Deficit; Revenue Deficit; Fiscal Rule |
| JEL: | H00 H6 |
| Date: | 2016–08 |
| URL: | http://d.repec.org/n?u=RePEc:lev:wrkpap:wp_872&r=pke |
| By: | Kose, Esra (University of California, Davis); Kuka, Elira (Southern Methodist University); Shenhav, Na'ama (Dartmouth College) |
| Abstract: | While a growing literature has shown that empowering women leads to increased short-term investments in children, little is known about its long-term effects. We investigate the effect of women's political empowerment on children's human capital accumulation by exploiting plausibly exogenous variation in U.S. state and federal suffrage laws. We estimate that exposure to women's suffrage during childhood leads to large increases in educational attainment for children from economically disadvantaged backgrounds, in particular blacks and Southern whites. An investigation into the mechanisms behind these effects suggests that the educational gains are plausibly driven by the rise in public expenditures following suffrage. |
| Keywords: | women empowerment, suffrage, education |
| JEL: | I21 N32 |
| Date: | 2016–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp10148&r=pke |