The Adverse Effects of Wage Moderation in Italy, and a Proposal for the State as an Innovator of First Resort
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Abstract
This paper aims to evaluate the effects of wage moderation on growth in Italy. The author finds that wage moderation negatively affected both internal demand and innovation, thus contributing to the long crisis of the Italian economy. The proposal of the State as an employer and as an innovator of first resort is discussed, with references to the Italian case.
Keywords
- Italian economy
- wages
- State
