The economics of wage-led recovery: analysis and policy recommendations

The financial crisis and Great Recession have been followed by a jobs shortage crisis that most forecasts predict will persist for years given current policies. This paper argues for a wage-led recovery and growth program which is the only way to remedy the deep causes of the crisis and escape the jobs crisis. Such a program is the polar opposite of the current policy orthodoxy, showing how much is at stake. Winning the argument for wage-led recovery will require winning the war of ideas about economics that has its roots going back to Keynes’ challenge of classical macroeconomics in the 1920s and 1930s. That will involve showing how the financial crisis and Great Recession were the ultimate result of three decades of neoliberal policy, which produced wage stagnation by severing the wage productivity growth link and made asset price inflation and debt the engine of demand growth in place of wages; showing how wage-led policy resolves the current problem of global demand shortage without pricing out labor; and developing a detailed set of policy proposals that flow from these understandings. The essence of a wage-led policy approach is to rebuild the link between wages and productivity growth, combined with expansionary macroeconomic policy that fills the current demand shortfall so as to push the economy on to a recovery path. Both sets of measures are necessary. Expansionary macro policy (i.e. fiscal stimulus and easy monetary policy) without rebuilding the wage mechanism will not produce sustainable recovery and may end in fiscal crisis. Rebuilding the wage mechanism without expansionary macro policy is likely to leave the economy stuck in the orbit of stagnation.

Sleep apnea and automobile accidents: Review of regulation for drivers

Several studies show a crescent association between sleep-disordered breathing, excessive sleepiness and automobile accidents. Many countries already discussed about specific regulations for drivers with these conditions, including questionnaire and/or investigation by a qualified specialist. In Brazil, these discussions have barely begun. In view of that, we suggest some items to be included in our traffic law.

Economics of climate change in Latin America and the Caribbean: summary 2009

Includes bibliography

Economics of climate change in Latin America and the Caribbean: summary 2010

Spanish version available at the Library

On the micro-economics of technical progress

Includes bibliography

The economics of climate change in Latin America and the Caribbean: stylized facts

Includes bibliography

The economics of demand-led growth: theory and evidence for Brazil

Includes bibliography

Nota sobre los aspectos económicos de la urbanización en América Latina = Note on the economics of urbanization in Latin America

Los documentos del Seminario fueron publicados por UNESCO en 1961 con el título: La urbanización en América Latina/Urbanization in Latin America

The economics of military expenditures in Latin America and the Caribbean

Includes bibliography

The economics of climate change in Central America: summary 2010

Includes Bibliography

The economics of climate change in Latin America and the Caribbean: Paradoxes and challenges of sustainable development

The robust growth of Latin American and Caribbean economies in recent years has led to an improvement in economic and social conditions in the region. It has also had collateral negative effects, however, such as more air pollution in urban areas and a serious deterioration of various natural assets, including non-renewable resources, water resources and forests. There are economies and societies within the region that are highly vulnerable to all sorts of adverse impacts of climate change, and whose production structures and consumption patterns still tend to leave a large carbon footprint. This situation has reached the point of undermining the foundations of the region’s economic buoyancy. Latin America and the Caribbean therefore needs to make the transition in the years to come towards a sustainable form of development that will preserve its economic, social and natural assets for future generations and leave them with a legacy of a more equal, more socially inclusive, low-carbon form of economic growth. Viewed from this standpoint, the climate change challenge is also a sustainable development challenge, and if it is to be addressed successfully, a global consensus that recognizes the asymmetries and paradoxes of the problem will have to be reached..