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If you read my post again, it should be clear: I was referring to Social Partnership; of which the three principal elements are employers, the trade unions and the government, and which is undeniably part of the establishment Literature review about unemployment the Irish State.
July 29, at 3: If we actually were, it would be a much, much different establishment. July 29, at 4: Poor Mr Beggs must have been very lonely there. He would have had Minister Coughlan there to soothe his nerves about continuing Social Partnership. What a joke that is when the majority of the population are not represented but those with beards are …….
July 29, at 5: It is clear that the private sector is too dishevelled to afford the public sector expenditure, but surely that maens we should focus on how to invigorate value creation.
The longer the debate is confined to miserabilists championing haircuts and naifs promoting more borrowing, the longer it will take for the pain of recession to recede. July 29, at 6: It will cause significant, and serious, economic, financial and political problems.
The wealthy will experience a loss of their wealth: We could slow, but not prevent, this reduction in our standard of life with a Debt Jubilee.
The debt burden is too high to pay down. Future incomes will not suffice. Voluntary default or imposed bankruptcy — which do you want? The growth that many of you seek will not appear. The trades union are not part of The Establishment??
|Account Options||This Survey measures the unemployment rate based on the ILO definition. These two sources have different classification criteria, and usually produce differing results.|
Hunger and poverty do not distinguish between left, right or centre. Brian P July 29, at 7: For lack of time, I will only respond to a few points. At a macroeconomic level, labour costs are a very large part of the overall cost base of the economy: In advocating real devaluation, this is not to deny that the economy faces severe problems in improving productivity across the economy.
However, I consider it to be non-controversial to be in favour of higher productivity, so I have focused on the issue in dispute which is labour costs. The correct strategy is to work on both fronts — cost reduction and productivity enhancement.
The incentive effects for workers to upskill are pretty powerful at the moment, given the level of unemployment, and a recovery path can promise wage increases in the future in line with economic performance. I note that there is an interaction between the competitiveness debate and the resolution of the banking crisis.
Access to finance is an important contributor to the decision to begin exporting. There is certainly a normative component to the debate about wages and prices, in view of the important role of policy in determining factor prices.
Most obviously, the wage level in the public sector is determined by policy but legal factors mean that wages in many private occupations are also influenced by policy decisions. As noted in the discussion, one result of the bubble was the diversion of a lot of talent into the property sector, domestic finance and other domestically-orientated activities.
With the change in the economy, there may be a much greater pool of talent now available to export-orientated firms. July 29, at 7: Even, as only a casual reader of the blog, I have seen this same theme reoccur on multiple occasions and was surprised when it was hauled out again.
It is clear that the costs of other factors of production as well as intangible factors that constrain the ability to export successfully must also be part of the analysis.
I would add that the fact that many of our export markets are also in dire straits must also be taken into account. What sectors do we think will be helped by reduced wages and exporting to where?
To clarify the research question further, perhaps it would be useful to know more details about the precise effects of the devaluations of and I assume the effect was to reduce the cost of all inputs into traded sectors so we cannot investigate differences in input costs correct me if I am wrong.
However we could find out what exporting sectors gained and led the recovery and whether those same sectors or similar ones stand likely to benefit again. I know it sounds a little strange but these are strange times.
July 29, at 8: This begs a number of questions:Unemployment Fluctuations and Stabilization Policies: A New Keynesian Perspective (Zeuthen Lectures) [Jordi Galí, Carl-Johann Dalgaard] on benjaminpohle.com *FREE* shipping on qualifying offers. A new approach for introducing unemployment into the New Keynesian framework.
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