The Swedish third way: an assessment of the performance and validity of the Rehn-Meidner model |
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| Authors: | Erixon Lennart |
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| Affiliation: | * Stockholm University. Numerous social researchers have made constructive comments on earlier versions, not least the late Gösta Rehn and Rudolf Meidner and the participants in a Nordic network on economic policy with Lars Mjøset, Oslo University, as coordinator. In particular, I must mention the valuable comments on the last draft by Eva Skult, Birger and Erika Viklund. A longer version of the paper, including a formalisation of the wage and productivity functions in the Rehn–Meidner model, can be acquired from the author |
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| Abstract: | This paper analyses the functioning of the Rehn–Meidnermodel in Sweden and the validity of the model's underlying theory.Both sceptics and friends of the Swedish modelhave exaggerated the effects of active labour market policyand solidarity wage policy on employment, inflation and growth.However, these policies have contributed to the reduction ofhysteresis effects and wage differentials in Sweden. Furthermore,Swedish experiences confirm the Rehn–Meidner view thatpositive demand shocks and expansionary macroeconomic policiesmake it difficult to combine full employment with price stability,economic growth and equity even if central wage negotiationsare coordinated and trade unions willingly accept wage restraint. |
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| Keywords: | Rehn-Meidner model Wage policy of solidarity Labour market policy Phillips curve Productivity growth |
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