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A Wage-led Employment Regime: Income Distribution, Labour Discipline, and Aggregate Demand in Welfare Capitalism

A Wage-led Employment Regime: Income Distribution, Labour Discipline, and Aggregate Demand in Welfare Capitalism

Chapter:
(p.187) 5 A Wage-led Employment Regime: Income Distribution, Labour Discipline, and Aggregate Demand in Welfare Capitalism
Source:
The Golden Age of Capitalism
Author(s):
Samuel BowlesRobert Boyer
Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198287414.003.0005

This chapter focuses on the theoretical implications of another aspect of the institutional arrangements that went into the making and unmaking of the ‘golden age’ — the relations between capital and labour and the organization of the labour process. It integrates the Marxian insight of the importance of the labour process with modern-day macroeconomic analysis. It explains that the role of the ‘labour extraction function’ is analogous to the ‘investment function’ in more traditional Keynesian analysis.

Keywords:   institutional management, golden age, capital, labour, macroeconomic analysis, labour extraction function, investment function, Keynesian analysis

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