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incomes policy |
Also found in: Wikipedia, Hutchinson | 0.02 sec. |
incomes policyCollective governmental effort to control the incomes of labour and capital, usually by limiting increases in wages and prices. The term often refers to policies directed at the control of inflation, but it may also indicate efforts to alter the distribution of income among workers, industries, locations, or occupational groups. See also wage-price control. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Most German economists would say the former, because they think that wage restraint is exactly what Germany needs to get its economy going again. This wage restraint would have its greatest impact on labour demand if the wage rates for unskilled labour fell relative to other wage rates so that the labour that is in excess supply became relatively cheaper. Unions typically offer industrial peace, political support for the government, and some degree of wage restraint in exchange for more pro-labour, public policies regarding training, unemployment insurance, social welfare, workers' compensation, or macroeconomic management (Wiarda 1997). |
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