Wage restraint in Scandinavia: during the postwar period or the neoliberal age?
An influential interpretation of the strong growth performance in Western Europe in the 1950s and 1960s stresses the importance of wage restraint, trade unions holding back wages to increase investments. This article questions that interpretation, using a wage regression approach with eighty-five to ninety-six years of data on wages, inflation, unemployment, productivity, and other variables in De