A Quote by Guy Standing
Globalisation began what should be called the Great Convergence, creating a globalising labour market in which wages in emerging market economies slowly converge with wages in rich economies, generating a steady drop in real wages across Europe.
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Successive governments in the U.K. have worked to create a more flexible labour market, which also meant labour insecurity. They allowed wages to drop and non-wage benefits to shrivel, creating worse inequality than statistics reveal.
The theory of the determination of wages in a free market is simply a special case of the general theory of value. Wages are the price of labour.
If a market exists for low-paid work, then we should think about how we can make this type of work more attractive by providing government assistance. Of course, the wage-earner must be able to live off of his wages. We will not allow poverty wages or dumping wages. But the wage earner can receive a combined wage that includes both his actual wages and a government subsidy.
It is not the actual greatness of national wealth, but its continual increase, which occasions a rise in the wages of labour. It is not, accordingly, in the richest countries, but in the most thriving, or in those which are growing rich the fastest, that the wages of labour are highest. England is certainly, in the present times, a much richer country than any part of North America. The wages of labour, however, are much higher in North America than in any part of England.
A pickup in demand in many advanced economies and a stabilization in commodity prices should, in turn, boost the growth prospects of emerging market economies.
I have had the view that cutting wages is not the path to prosperity, and one of the great myths propagated about my attitude to industrial relations is that I believe in lower wages. I've never believed in lower wages. Never. Never believed in lower wages, I've never believed in lower wages as an economic instrument.
In addition to joblessness, of course, by the working of supply and demand, when you have a larger number of people unemployed, wages do not rise at the normal level, so that we had last year a drop in real wages.
Ministers have received their wages, and some have their minds too much on their wages. They labor for wages, and lose sight of the sacredness and importance of the work.
Emerging market and developing economies have benefited from monetary easing in major economies but have also faced volatile risk sentiment tied to trade tensions.
My view is that the U.S. market will eventually join the emerging markets on the downside because if you take a bearish view about emerging economies, you cannot be too optimistic about the U.S. because for many U.S. corporations, 50 percent or more of their profits come from emerging economies.
Keynes tried to show that market economies could settle in equilibrium states in which the labour market did not clear, and in which the level of unemployment was high. He believed that this was due to a particular example of market failure, developed in his concept of effective demand.
Globalisation, technological change, and the move to flexible labour markets has channelled more and more income to rentiers - those owning financial, physical, or so-called intellectual property - while real wages stagnate.
You know, when I was in college, there was a big debate: Do unions raise wages? Well, with regard to industrial unions, there were arguments back and forth -- international competition. It is now clear, I think, that whether or not you think unions raised wages 50 years ago, the absence of unions and their weakness that is inflicted by anti-union public policy depresses wages. The fact is that people who are not represented, in the service industries in particular, are the victims of policies which depress their wages.
One of the major forces driving the decline in wages and the concentration of wealth at the top is the offshoring of American jobs overseas - reducing wages not only in manufacturing but also across the economy.
No business which depends for existence on paying less than living wages to its workers has any right to continue in this country... By living wages I mean more than a bare subsistence level - I mean the wages of decent living.
Of course, it is not the employer who pays wages. He only handles the money. It is the product that pays wages and it is the management that arranges the production so that the product may pay the wages.
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