Commenti a un recente studio di Modigliani e Padoa-Schioppa ( Comments on a recent study by Modigliani and Padoa-Schioppa)

Abstract

In a recent work, F. Modigliani and T. Padoa-Schioppa presented a theoretical framework in support of the widely diffused thesis among economic commentators regarding the existence of an inverse relationship between real wages and employment. Their central thesis is that in an economy where wages are indexed 100%, for each value of the real wage only one level of real national product exists that is consistent with price stability. In the present note, the author demonstrates that: A) one of the their conclusions, according to which the reduction of social contributions, financed by raising indirect taxes have no effect, can not be shared, B) the difficulties that result from an excessive level of real wages can also justifiably be attributed to an excessive volume of public spending, and unions’ position of a relatively high level of real wages can be considered a necessary condition for "waste" to be eliminated; C) the economic policy framework is radically different depending on whether the elasticity of trade with foreign countries is or is not high enough to allow, through changes in the terms of trade, the attainment of full employment in conditions of a balance of payment equilibrium.

JEL: E24, E31, F13