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Wage-Fixing (Routledge Revivals) by J. E. Meade

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CHAPTER IV

Imperfect Competition and the Case for Wage-Fixing Institutions

We have stated the case for an economic system which ensures (1) a steady rate of growth in the level of the total money demands for the economy's goods and services and (2) the setting of money wage rates at levels which, against this background of a steady expansion of demand for the products of labour, promotes the full employment of the available labour. We are considering these arrangements in a mixed economy in which free enterprise plays a leading role.

The forces of competition play a basic role in a free-enterprise system, as one enterprise searches for profit by expanding into a market against other competing enterprises. Steps are accordingly properly taken ...

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