Labour share of income (Part 2 – The difficulty of overcoming wage stagnation)

Labour share of income (Part 2 – The difficulty of overcoming wage stagnation) Phuah Eng Chye (2 June 2018) In the 1970s, policy makers were concerned by how wage rises were fuelling cost-push inflation. When wage stagnation emerged in Japan following the collapse of its asset markets in 1990, it was greeted as a novelty … “Labour share of income (Part 2 – The difficulty of overcoming wage stagnation)”

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Labour share of income (Part 1 – Theories and measurement)

Labour share of income (Part 1 – Theories and measurement) Phuah Eng Chye (26 May 2018) At the macroeconomic level, the impact of landscape change on labour can be gauged by changes in the labour share of income or the share of national income paid in wages. Noah Smith notes “for decades, macroeconomic models assumed … “Labour share of income (Part 1 – Theories and measurement)”

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Technology and work: The productivity puzzle

Technology and work: The productivity puzzle Phuah Eng Chye (12 May 2018) “When we talk with the optimists, we are convinced that the recent breakthroughs in AI and machine learning are real and significant. We also would argue that they form the core of a new, economically important potential General Purpose Technologies (GPT). When we … “Technology and work: The productivity puzzle”

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Technology and work: Technological unemployment and will this time be different?

Technology and work: Technological unemployment and will this time be different? Phuah Eng Chye (5 May 2018) The history of technological innovation is the history of social dislocation. The transition from agriculture to manufacturing was notable for its massive impact on employment and societal structures. The effect of technology on society still occupies the centre … “Technology and work: Technological unemployment and will this time be different?”

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Organisation of households: Aging, savings and financialisation

Organisation of households: Aging, savings and financialisation Phuah Eng Chye (21 April 2018) Policy incoherence tends to increase with the aging of an economy. Specifically, as the number of retirees increase, policy focuses on incentivising savings to ensure individuals can accumulate sufficient savings for their retirement. But at the macro level, the challenge is the … “Organisation of households: Aging, savings and financialisation”

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Organisation of households: Aging and financial cycles

Organisation of households: Aging and financial cycles Phuah Eng Chye (14 April 2018) It is unsurprising that there is a close relationship between aging and long-term financial cycles as a highly developed financial system is a prerequisite to achieving affluence. As economies become affluent and aging more pronounced, economic maturity sets in and sets off … “Organisation of households: Aging and financial cycles”

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