Political Economic Analysis of Stabilizing Employment
Stabilizing employment is one of the key focuses of current economic work.Based on the principles of Marxist political economy,this article proposes a theoretical framework for studying employment in the overall process of social reproduction and eco-nomic cycle.On the supply side,wage fluctuations will affect the productive sector enter-prises'choices of technology and its organic composition of capital,thereby affecting total labor productivity and employment absorptive capacity.On the demand side,consumption and investment both constitute total demand,while wages and profits are sources of con-sumption and accumulation respectively,so income distribution will affect total demand,capacity utilization and employment.Using mathematical political economy models,calcula-tions and econometric analyses based on the input-output tables from 2002 to 2020 and data from the China Labor Statistical Yearbook reveal that the current Chinese economy is"wage-led"and raising workers'wage levels is beneficial for increasing total demand and capacity utilization.Moreover,the employment absorption capacity of consumption is stronger than that of invest-ment.Therefore,tilting income towards labor will contribute to stabilizing employment.Specifi-cally,on the basis of fully implementing the employment priority strategy,on the one hand,it is necessary to improve the distribution system and maintain wage growth rate not lower than total labor productivity growth rate,thereby increasing the proportion of labor remuneration.On the other hand,we need to improve the employment support and service systems,enhance social security and equalize public services.
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