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Australian Experiments in Wage Policy
Author(s) -
Hancock Keith,
Isaac J. E.
Publication year - 1992
Publication title -
british journal of industrial relations
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.665
H-Index - 70
eISSN - 1467-8543
pISSN - 0007-1080
DOI - 10.1111/j.1467-8543.1992.tb00772.x
Subject(s) - conciliation , arbitration , wage , economics , inflation (cosmology) , incomes policy , labour economics , minimum wage , wage bargaining , macroeconomics , political science , law , price level , physics , theoretical physics
Industrial conciliation and arbitration have been pivotal in pay determination in Australia throughout the twentieth century. This paper examines how these institutions influence macroeconomic performance, paying special reference to their impact on cost inflation. It goes on to evaluate the contribution of the Accord (incomes policy) in the last decade. Consensus and participation within the institutional framework are shown to be essential for effective wage policy.