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Progressive supply-side economics: an explanation and update of the Rehn-Meidner model
Stockholm University, Faculty of Social Sciences, Department of Economics.
Number of Authors: 12018 (English)In: Cambridge Journal of Economics, ISSN 0309-166X, E-ISSN 1464-3545, Vol. 42, no 3, p. 653-697Article in journal (Refereed) Published
Abstract [en]

The Swedish Rehn-Meidner model is a unique economic- and wage-policy program for the simultaneous achievement of full employment, price stability, growth and equality. This article presents, specifies and develops the model's underlying macroeconomic theory. The Rehn-Meidner theory is a synthesis between a flex-price Kaldorian model of profit margins and a Kaleckian model where profit margins are squeezed under full-employment conditions. The theory deviates from both the Kaldorian and Kaleckian models by stressing the importance of low profit margins for productivity growth. Moreover, in the Rehn-Meidner program, full employment is guaranteed irrespective of the level of aggregate demand. The Rehn-Meidner theory and policy deserve a prominent place in macroeconomics even in the age of globalization and financialization. However, some weaknesses of the model make it necessary to modify the arguments for and partly the composition of its policy program.

Place, publisher, year, edition, pages
2018. Vol. 42, no 3, p. 653-697
Keywords [en]
Swedish model, Labor market policy, Wage policy of solidarity, Structural change, Productivity growth, Inflation
National Category
Economics and Business
Identifiers
URN: urn:nbn:se:su:diva-156618DOI: 10.1093/cje/bex042ISI: 000431234300004OAI: oai:DiVA.org:su-156618DiVA, id: diva2:1210364
Available from: 2018-05-28 Created: 2018-05-28 Last updated: 2018-05-28Bibliographically approved

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