In the UK salaries are now rising slower than inflation – which means living standards are going backwards. Around the world salaries seem to have stagnated, even though unemployment is low. Conventional economic theory suggests that more competition for employees should push wages higher. Phil Dobbie asks Professor Steve Keen why that’s not happening. The cause, Steve suggests, is to do with the demise of union power and the rise of the financier. The answer is more to do with reducing debt.
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