Despite the relevance given by the Post-Keynesian thought to wage and incomes
policies, little attention has been paid to the institutional elements that
would favour the unions? acceptance of a voluntary moderation of wage claims.
Recent wage policies have been implemented in European countries, like
Ireland and Spain, which do not fulfil the requirements assumed by
corporatist analysis for a successful implementation of wage policies. The
success of wage policies in Ireland and Spain, in terms of economic
performance and the length of current wage policies, offers a valuable
insight on how wages policies can be implemented as a key piece of
macroeconomic policy: It also helps our understanding of the institutional
framework that favours the implementation of voluntary wages policies.