Wages as an Element in General Economic Policy and Planning
Mr Cauas drew attention to four features of developing countries which need to be taken into account in this context: pronounced market imperfections; strong dynamic transition effects; important exogenous factors; and a special pattern of social behaviour. These characteristics mean that the government must take some action with respect to wages and that, when doing so, it must take into account all the relevant factors in a multivariate analysis. Whilst all the statistics required for a detailed analysis are usually not available, a broad evaluation for policy purposes is generally possible.
KeywordsMonetary Policy Real Wage Skilled Worker Unskilled Worker Wage Earner
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- 1.Ahomada, La Crisis Integral de Chile (Santiago 1966); Cauas, Stabilisation Policy — The Chilean Case’, Conference on Key Problems of Economic Policy in Latin America (Chicago 1966); Hirschman, Journeys Towards Progress (N.Y. 1963)Google Scholar