BEGIN:VCALENDAR VERSION:2.0 PRODID:-//Talks.cam//talks.cam.ac.uk// X-WR-CALNAME:Talks.cam BEGIN:VEVENT SUMMARY:ST CATHARINE'S POLITICAL ECONOMY SEMINARS: ÖZLEM ONARAN - ÖZLEM ONARAN DTSTART:20131127T180000Z DTEND:20131127T193000Z UID:TALK49067@talks.cam.ac.uk CONTACT:35751 DESCRIPTION:The next St Catharine's Political Economy Seminar in the serie s on the Economics of Austerity\, will be held on Wednesday 27th November 2013 - Özlem Onaran will give a talk on 'What happens to growth when ther e is a global race to the bottom in the share of labour?' The seminar will be held in the McGrath Centre at St Catharine's College from 6.00-7.30 pm . All are welcome.\n\nÖZLEM ONARAN is Professor of Workforce and Economic Development Policy at the University of Greenwich. She has done extensive research on issues of distribution\, employment\, globalization\, and cri sis. She is a member of the Coordinating Committee of the Research Network Macroeconomics and Macroeconomic Policies\, and a research associate at t he Political Economy Research Institute of the University of Massachusetts \, Amherst. She has more than sixty articles in books and peer reviewed jo urnals such as Cambridge Journal of Economics\, World Development\, Enviro nment and Planning A\, Public Choice\, Economic Inquiry\, European Journal of Industrial Relations\, International Review of Applied Economics\, Str uctural Change and Economic Dynamics\, Eastern European Economics\, and Re view of Political Economy. She has directed research projects for the Inte rnational Labour Organisation\, the Austrian Science Foundation\, and the Vienna chamber of Labour. For further information\, including a list of pu blications\, please visit http://www2.gre.ac.uk/about/schools/business/abo ut/departments/ibe/staff/Ozlem-onaran\n\nCONTENT: There has been a signifi cant decline in the share of wages in GDP in both the developed and develo ping countries following the 1980s. The decline in the wage share and rise in personal income inequality has accompanied a poor performance in terms of growth in most countries with the exception of a few emerging economie s like China and India. This paper estimates the effects of a change in th e wage share on growth in the G20 countries (Euro area\, Germany\, France\ , Italy\, UK\, US\, Japan\, Canada\, Australia\, Turkey\, Korea\, Argentin a\, Mexico\, China\, India\, and South Africa) using a post-Keynesian/post -Kaleckian model\, analyses the interactions among different economies\, a nd calculates the global multiplier effects of a simultaneous decline in t he wage share. The most important finding is that the global economy in ag gregate is wage-led. The policy conclusions of the paper shed light on the limits of strategies of international competitiveness based on wage compe tition in a highly integrated global economy\, and point at the possibilit ies to correct global imbalances via coordinated macroeconomic and wage po licy\, where domestic demand plays an important role. There is room for a wage-led recovery in the global economy based on a simultaneous increase i n the wage shares\, where global GDP as well as all individual countries c an grow. Addressing the problem of income inequality is even more importan t today with the background of the crisis. The crisis has now reached a st age of incomes and jobs crisis along with austerity policies. The share of wages in GDP has started to fall again since 2010 or 2011 in many countri es. The consequences of this for demand may partly explain why the recover y is so weak or the recession is back in the Eurozone. The rise in inequal ity was one of the main causes of the 'great recession.' The austerity pol icies with further detrimental effects on the wage shares will only bring further stagnation.\n\nPlease contact the seminar organisers Philip Aresti s (pa267@cam.ac.uk) and Michael Kitson (m.kitson@jbs.cam.ac.uk) in the eve nt of a query. LOCATION:The McGrath Centre\, St Catharine's College END:VEVENT END:VCALENDAR