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1

FURTHER EVIDENCE ON THE VALIDITYOF THIRLWALL’S LAW

100%
Podkaminer L.
Zeszyty Naukowe Wyższej Szkoły Finansów i Prawa w Bielsku-Białej
|
2017
|
issue 1
75-86
EN
A simple equation is considered whose empirical analysis could confirm – or reject – the validity of Thirlwall’s Law. Autoregressive Distributed Lags (Bounds) approach is used to establish the empirical adequacy of the Law. The analysis, working with data for 58 countries and covering the years 1960-2012, suggests that the Law may not hold for the decisive majority of countries considered.
2

GROWTH SLOWDOWN ENDANGERS THE ECONOMIC COHESION OF THE EUROPEAN UNION

100%
Podkaminer L.
Zeszyty Naukowe Wyższej Szkoły Finansów i Prawa w Bielsku-Białej
|
2016
|
issue 3
87-101
EN
It is argued that European integration has not fulfilled its chief economic promises. According to official documents and in compliance with post-Keynesian economic interpretation of major long-term trends characterizing the Euro area, the output growth has been increasingly weak and unstable. Productivity growth has been following a decreasing trend. Income inequalities, both within and between the EU Member States, have been rising. This sorry state of affairs is likely to continue – and likely to precipitate further exits, or eventually, the dissolution of the Union. However, this outcome is not unavoidable. A better integration in the EU is possible, at least in theory. Also the negative consequences implicit in the existence of the common currency could be neutralised. However, the basic paradigms of the economic policies to be followed in the EU would have to be radically changed. First, it follows from considerations presented that the unconditional fiscal consolidation provisions still in force would have to be repelled. Second, ‘beggar-thy-neighbour’ (or mercantilist) wage policies would have to be ‘outlawed’.
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