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This paper analyzes whether the lower increase in wages was a factor in the labor productivity and employment developments in the Netherlands. It argues that there is indeed such a link: rapid wage growth leads to a substitution of capital for labor, and hence to less labor-intensive production; slow wage growth leads to less rapid growth of labor productivity and, for the same output growth, results in a better employment performance. The paper also discusses the causes of the lower wage growth in the Netherlands.
Labor --- Macroeconomics --- Production and Operations Management --- Wages, Compensation, and Labor Costs: General --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Labor Economics: General --- Macroeconomics: Production --- Labour --- income economics --- Real wages --- Productivity --- Production --- Economic theory --- Labor economics --- Industrial productivity --- Netherlands, The
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This paper describes economic developments in the Kingdom of the Netherlands during the 1990s. Following a slowdown in 1991–92, the Dutch economy experienced a mild recession in 1993 with GDP growth falling to about ½ percent. Output was sustained by external demand, which contributed nearly 1 percentage point to GDP growth, while domestic demand fell by ½ percent. Business investment decreased by 3 percent as a result of reduced profits and a low rate of capacity utilization, while the contribution to GDP of lower stockbuilding was –½ percentage point.
Budgeting --- Investments: General --- Money and Monetary Policy --- Public Finance --- Labor --- National Budget --- Budget Systems --- National Government Expenditures and Related Policies: General --- Debt --- Debt Management --- Sovereign Debt --- General Financial Markets: General (includes Measurement and Data) --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Wages, Compensation, and Labor Costs: General --- Public finance & taxation --- Budgeting & financial management --- Investment & securities --- Monetary economics --- Labour --- income economics --- Budget planning and preparation --- Expenditure --- Government debt management --- Securities --- Currencies --- Public financial management (PFM) --- Financial institutions --- Wages --- Budget --- Expenditures, Public --- Debts, Public --- Financial instruments --- Money --- Netherlands, The
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