Incomes policy started with the San Valentine's decree of 1984, which marks the beginning of the process that led to the abolishment of Scala Mobile and reached its peak with the Protocollo d'intesa of 1993. The work proposes to study by cointegration analysis the effects of incomes policy on...

The severity of the financial and economic crisis which started in 2007 cannot be understood without examining the medium- to long-run developments in the world economy since the early 1980s. The following long-run causes for the crisis can be identified: inefficient regulation of financial...

In this paper the euro crisis is viewed as the most recent episode of the crisis of finance-dominated capitalism. Therefore, two major features of finance-dominated capitalism, the increasing inequality of income distribution and the rising imbalances of current accounts, are analysed for a set...

As critical piece of China’s gradualist economic transition, domestic price reform still faces major challenges. In particular, factor price, which is still tightly-controlled and not market-based, is lower than market equilibrium price. Factor price distortion not only reduces market...

As critical piece of China’s gradualist economic transition, domestic price reform still faces major challenges. In particular, factor price, which is still tightly-controlled and not market-based, is lower than market equilibrium price. Factor price distortion not only reduces market...

We show that a minimum wage can have large effects throughout the earnings distribution, using a combination of theory and empirical evidence. To this end, we develop an equilibrium search model featuring empirically relevant worker and firm heterogeneity. We use the estimated model to evaluate...

This paper discusses the establishment of the minimum wage determination process in the early twentieth century Australia, following the institutionalisation of compulsory industrial arbitration between capital and labour. This process led to the 1907 Harvester judgment whereby the Common-...

This article describes the argumentative structure of Hayek on the relationship between tax policy and redistribution. It is observed throughout its work giving special attention to two of his works: The Constitution of Liberty (1959) and Law, Legislation and Liberty, Vol. 3, The Political Order...

In March 2018, President of Russia Vladimir Putin designated the target of increasing per capita GDP of the Russian population 1.5 times by 2024. In order to meet this target, GDP would be required to grow by 6% a year between 2018 and 2024. This is a challenging task as the last time growth...

Due to the supported economic growth of the first decade of the 21st century, Colombia managed to reduce the levels of poverty and inequality. Nevertheless, the country continued to present one of the most inequitable economies in the world maintaining a high income concentration. In that sense,...