Pay and Jobs
Samuel Brittan, 18 March 1982
Stagflation. Vol. 1: Wage Fixing
by James Meade.
Allen and Unwin, 233 pp., £15, January 1982,0 04 339023 4 Show More
by James Meade.
Allen and Unwin, 233 pp., £15, January 1982,
“... All monopolies work by raising the price per unit sold at the expense of a reduction in volume. Unions are no exception. They are in business to raise the pay of those already employed, even at the expense of fewer jobs. Fear of redundancy is some check, although a limited one where the majority remain at work. Reductions in employment which occur through natural wastage and non-recruitment are much less of an inhibition ... ”