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Reflections on the relative economic decline of the United Kingdom
Author(s) -
Fryers Gordon R.,
O'Donnell Peter A.
Publication year - 1982
Publication title -
managerial and decision economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.288
H-Index - 51
eISSN - 1099-1468
pISSN - 0143-6570
DOI - 10.1002/mde.4090030107
Subject(s) - incentive , wage , economics , value (mathematics) , capital (architecture) , kingdom , politics , labour economics , microeconomics , political science , law , geography , paleontology , archaeology , machine learning , computer science , biology
Abstract This paper considers the apparent paradox that while wage levels in the UK are not high by international standards they form a conspicuously high proportion of value added. As a consequence there are constraints placed on the servicing and use of capital. These result in reduced innovation and growth from socio‐political factors embracing both the wage‐setting process and individual incentive.