During the last decades, mature economies have tended to experience a divergence between labour compensation and productivity growth. Interpretations of this trend are still under debate. Our article ...aims at contributing to a sound, evidence‐based understanding. We estimate the magnitude of this decoupling for a panel of 22 high‐income economies (1970–2018) and empirically assess the role of a variety of factors. After providing evidence that casts doubt on the impact of technical change, we adopt a ‘political economy’ standpoint and focus on the structural effects on real compensation growth of several macroeconomic and institutional dimensions. Our findings indicate that labour market slack and the weakening of pro‐labour institutions have acted as important wage‐squeezing factors. A negative effect is also found for trade openness and international capital mobility, while most financialization variables are not significant. The robustness of our results is supported by a range of tests and specifications.
Global Earnings Inequality, 1970–2018 Hammar, Olle; Waldenström, Daniel
The Economic journal (London),
2020, Letnik:
130, Številka:
632
Journal Article
Recenzirano
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Abstract
We estimate trends in global earnings dispersion across occupational groups by constructing a new database that covers 68 developed and developing countries between 1970 and 2018. Our main ...finding is that global earnings inequality has fallen, primarily during the 2000s and 2010s, when the global Gini coefficient dropped by 15 points and the earnings share of the world's poorest half doubled. Decomposition analyses show earnings convergence between countries and within occupations, while within-country earnings inequality has increased. Moreover, the falling global inequality trend was driven mainly by real wage growth, rather than changes in hours worked, taxes or occupational employment.
While isolated episodes of work stoppages keep occurring, aggregate industrial action rates have been on the decline over the last five decades. Attempts to explain this trend centre on the ...short‐term effects of the business cycle and the long‐term impacts of labour market liberalisation, deindustrialisation and globalisation. This paper argues that household indebtedness is a missing piece of the puzzle. Since indebted employees tend to become self‐disciplined at the workplace on the fear of losing their job and defaulting, this paper argues that the post‐1970 rise of household financialisation is associated with the decline of strike activity. The econometric evidence reported provides strong support to this argument for the cases of Japan, Korea, Sweden, the United States and the United Kingdom over the period 1970–2018.
Over the past decades, and since the first development plan in 1970, Saudi Arabia has controlled the stability of its economy through prudent fiscal policy and tight monetary policy. This study ...examines the impact of monetary volatility on real gross domestic product (GDP) growth in an oil‐based economy from 1970 to 2018, using the Hodrick–Prescott filtering approach. Although standard methods such as GARCH are used to test volatility, the uniqueness of this study is that it tests the volatility of monetary policy using ordinary least squares (OLS), autoregressive distributed lag (ARDL) and IRF methods. We find that the standard deviation of the broad money supply and the real interest rate business cycle tends to have a negative impact on real growth in the short and long run, supporting the proposition that a high interest rate negatively affects real growth. We also document that the standard deviation of the real exchange rate business cycle has a positive (negative) effect on real growth in the short and long run and is not statistically significant. This suggests that the volatility of the real exchange rate does not affect real growth. Moreover, the magnitude of the volatility of the coefficients is lower in the long run than in the short run. To achieve sustainable economic growth, policy makers need to plan how to manage the volatility of the money supply and the interest rate in the short run and develop long‐run strategies to manage volatility in the long run. To control monetary volatility, policymakers should also control government spending by dampening the volatility of oil prices, which ultimately affect the money supply and thus stable economic growth.
Why in the early 1970s does The Times reject the idea of a national lottery, as rewarding luck not merit and effort, but warmly welcome one by the 1990s? Why in the 1970s do the Daily Mail's TV ...reviews address serious contemporary themes such as class- and race-relations, whereas forty years later they are largely concerned with celebrities, talent shows, and nostalgia? Why does the Conservative Chancellor in the 2010s mention 'Britain' so very often, when the Conservative Chancellor in the 1970s scarcely does at all? Covering news stories spanning fort-five years, Michael Toolan explores how wealth inequality has been presented in centre-right British newspapers, focusing on changes in the representation may have helped present-day inequality seem justifiable. Toolan employs corpus linguistic and critical discourse analytic methods to identify changing lexis and verbal patterns and gaps, all of which contribute to the way wealth inequality was represented in each of the decades from the 1970s to the present.
The central objective of this work was to test and determine the causality between the selected economic indicators such as trade, FDI, Oil Price and GDP in Nigeria and make a recommendation for a ...timely policy framework for the betterment of the Nigerian economy. Using Nigerian annual data of 1970–2018 with the application of Granger causality test, we found a unidirectional causality that runs from Oil Price to both FDI and trade and from FDI to trade. There was no causal effect transmitting from either trade to Oil Price or trade to FDI. Also, there was no transmission of causality from GDP growth to any of the selected indicators. Our findings expose the heavy influence of oil via price on the economic performance of Nigeria. This could justify the claim that there is a positive relationship between Oil Price and growth. Hence, supporting the findings that FDI is attracted by the availability of oil and the FDI will turn around influenced the rate of trade via trade openness. This will create avenue for a virtuous economic growth circle if policy implication is managed well.
In this study, the price and income elasticities of Turkey’s imported crude oil demand are analysed. For this purpose, annual time series data covering the period 1970-2018 are preferred for imported ...crude oil, real price for crude oil and real GDP. As known, Turkey is an energy dependent country especially in fossil fuels. Therefore, estimating Turkey’s crude oil demand equations is very significant to analyse the consumption trend and the future expectations in terms of this energy resource. This study employs Harvey’s Structural Time Series Modelling Method (STSM) with the underlying energy demand trend (UEDT) concept for determining the relations among income, price and crude oil import demand. The empirical results show that the income and price elasticities of crude oil demand in Turkey are 0.66 and -0.11, respectively. The estimated elasticities suggest that income and price elasticities for the imported crude oil demand are inelastic.
The post-civil rights era of the 1970s offered African Americans an all-too-familiar paradox. Material and symbolic gains contended with setbacks fueled by resentment and reaction. African American ...artists responded with black approaches to expression that made history in their own time and continue to exercise an enormous influence on contemporary culture and politics.This collection's fascinating spectrum of topics begins with the literary and cinematic representations of slavery from the 1970s to the present. Other authors delve into visual culture from Blaxploitation to the art of Betye Saar to stage works like A Movie Star Has to Star in Black and White as well as groundbreaking literary works like Corregidora and Captain Blackman. A pair of concluding essays concentrate on institutional change by looking at the Seventies surge of black publishing and by analyzing Ntozake Shange's for colored girls… in the context of current controversies surrounding sexual violence. Throughout, the writers reveal how Seventies black cultural production anchors important contemporary debates in black feminism and other issues while spurring the black imagination to thrive amidst abject social and political conditions.Contributors: Courtney Baker, Soyica Diggs Colbert, Madhu Dubey, Nadine Knight, Monica White Ndounou, Kinohi Nishikawa, Samantha Pinto, Jermaine Singleton, Terrion L. Williamson, and Lisa Woolfork
In this book, Hertha D. Sweet Wong examines the intersection of writing and visual art in the autobiographical work of twentieth- and twenty-first-century American writers and artists who employ a ...mix of written and visual forms of self-narration. Combining approaches from autobiography studies and visual studies, Wong argues that, in grappling with the breakdown of stable definitions of identity and unmediated representation, these writers-artists experiment with hybrid autobiography in image and text to break free of inherited visual-verbal regimes and revise painful histories. These works provide an interart focus for examining the possibilities of self-representation and self-narration, the boundaries of life writing, and the relationship between image and text.Wong considers eight writers-artists, including comic-book author Art Spiegelman; Faith Ringgold, known for her story quilts; and celebrated Indigenous writer Leslie Marmon Silko. Wong shows how her subjects formulate webs of intersubjectivity shaped by historical trauma, geography, race, and gender as they envision new possibilities of selfhood and fresh modes of self-narration in word and image.
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