Unemployment Capital Labor Substitution And Economic Growth

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Unemployment, Capital-Labor Substitution, and Economic Growth

Mr.Bob Rowthorn
Unemployment Capital Labor Substitution and Economic Growth Book PDF

Author : Mr.Bob Rowthorn
Publisher : International Monetary Fund
Page : 39 pages
File Size : 54,9 Mb
Release : 1999-03-01
Category : Business & Economics
ISBN : 9781451846300

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Unemployment, Capital-Labor Substitution, and Economic Growth by Mr.Bob Rowthorn Pdf

This paper discusses the influence of economic growth on the equilibrium unemployment rate (NAIRU). It examines how income distribution and the NAIRU are influenced by capital formation, technical progress, and labor force expansion, and how these factors’ impact depends on the elasticity of substitution between capital and labor. The paper distinguishes between the short-run NAIRU when capital stock is exogenous, and the long-run NAIRU when it is endogenous. It also considers how the analysis must be modified to take into account Keynesian ideas concerning the role of aggregate demand. It concludes that unless the capital stock grows in line with labor supply in efficiency units, the short-run NAIRU will increase, reducing the scope for demand stimulation.

Technological Progress, Income Distribution, and Unemployment

Hideyuki Adachi,Kazuyuki Inagaki,Tamotsu Nakamura,Yasuyuki Osumi
Technological Progress Income Distribution and Unemployment Book PDF

Author : Hideyuki Adachi,Kazuyuki Inagaki,Tamotsu Nakamura,Yasuyuki Osumi
Publisher : Springer
Page : 90 pages
File Size : 40,9 Mb
Release : 2019-01-04
Category : Business & Economics
ISBN : 9789811337260

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Technological Progress, Income Distribution, and Unemployment by Hideyuki Adachi,Kazuyuki Inagaki,Tamotsu Nakamura,Yasuyuki Osumi Pdf

This volume develops original methods of analyzing biased technological progress in the theory and empirics of economic growth and income distribution. Motivated by sharp increases in wage and income inequalities in the world since the beginning of the new century, many macroeconomists have begun to realize the importance of biased technological changes. However, the comprehensive explanations have not yet appeared. This volume analyzes the effects of factor-biased technological progress on growth and income distribution and shows that long-run trends of the capital-income ratio and capital share of income consistent with Piketty’s 2014 empirical results emerge. Incorporating the modified version of induced innovation theory into the standard neoclassical growth model, it also explains the long-run fluctuations of growth and income distribution consistent with the data shown in Piketty. Introducing a wage-setting function, the neoclassical growth model is modified to account for unemployment as well as to examine the dynamics of unemployment and the labor share of income under biased technological progress. Applying a new econometric method to Japanese industrial data, the authors test the key assumptions employed and important results derived in the theoretical part of this book.

Conquering Unemployment: The Case for Economic Growth

Jon Shields
Conquering Unemployment The Case for Economic Growth Book PDF

Author : Jon Shields
Publisher : Springer
Page : 271 pages
File Size : 40,9 Mb
Release : 1989-09-01
Category : Business & Economics
ISBN : 9781349201730

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Conquering Unemployment: The Case for Economic Growth by Jon Shields Pdf

A companion text to "Making the Economy Work", this covers aspects of the Employment Institute's published output in its first three years. Based on items produced by the Institute, it explains why alternative action to "monetarism" could have avoided the rise in unemployment in the early 1980s.

Economic Reforms, Growth and Employment

Jürgen Weller,United Nations. Economic Commission for Latin America and the Caribbean
Economic Reforms Growth and Employment Book PDF

Author : Jürgen Weller,United Nations. Economic Commission for Latin America and the Caribbean
Publisher : Santiago, Chile : ECLAC
Page : 228 pages
File Size : 48,9 Mb
Release : 2001
Category : Capital market
ISBN : UCSD:31822029884756

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Economic Reforms, Growth and Employment by Jürgen Weller,United Nations. Economic Commission for Latin America and the Caribbean Pdf

In the last ten to fifteen years, profound structural reforms have moved Latin America and the Caribbean from closed, state-dominated economies to ones that are more market-oriented and open. Policymakers expected that these changes would speed up growth. This book is part of a multi-year project to determine whether these expectation have been fulfilled. Analysing the impact of the reforms on employment it is argued that expectations were not fulfilled with respect to the operation of the labour markets. The reforms limited the expansion of employment in some sectors, particularly in tradeable goods. They also created a bias in labour demad for better educated workers which exacerbates inequality. It is thus made clear that the region faces major challenges both in increasing the number of jobs and improving job equality.

Unemployment, Market Structure and Growth

Rüdiger Wapler
Unemployment Market Structure and Growth Book PDF

Author : Rüdiger Wapler
Publisher : Springer Science & Business Media
Page : 207 pages
File Size : 43,7 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642558931

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Unemployment, Market Structure and Growth by Rüdiger Wapler Pdf

In his Ph. D. thesis, Rudiger Wapler analyses the causes of the persistently high unemployment rates especially in continental Europe. Particular emphasis is placed on imperfect labour and product markets on the one hand, and on the numerous links between unemployment, innovations and growth on the other. Hence, Rudiger Wapler provides an important contribution towards a better understanding of both the development of labour markets as well as the dynamics of growth. To aid readers with only little prior knowledge of labour markets, the book presents the most common theories of unemployment: (1) trade-union models in which union bargaining power leads to wages above their market-clearing level, (2) efficiency-wage models in which employers voluntarily pay higher wages in order to motivate or discipline their workers or to reduce the job turnover rate, as well as (3) matching models in which unemployment is caused by the continuous turnover of jobs and workers. In addition, emphasis is placed on the fact that labour needs to be treated as heterogeneous, a fact often neg lected in the literature. Subsequently, these labour-market foundations are integrated with modern theories of innovations and growth, making the ap proach much more relevant and plausible. Without doubt, the generalisations of the models performed by Rudiger Wapler show that there are limits to such formal analysis. Due to the increasing number of interdependencies, it is doubtful whether even more complex models provide additional (usable) insights.

Revisiting European Unemployment

Olivier J. Blanchard
Revisiting European Unemployment Book PDF

Author : Olivier J. Blanchard
Publisher : Economic and Social Reseach Institute (ESRI)
Page : 66 pages
File Size : 44,7 Mb
Release : 1998
Category : Business & Economics
ISBN : OSU:32435058666579

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Revisiting European Unemployment by Olivier J. Blanchard Pdf

Abstract: This paper starts from two sets of facts about Continental Europe. The first is the steady increase in unemployment since the early 1970s. The second is the evolution of the capital share, an initial decline in the 1970s, followed by a much larger increase since the mid-1980s. The paper then develops a model of capital accumulation, unemployment and factor prices. Using this model to look at the data, it reaches two main conclusions: The initial increase in unemployment, from the mid-1970s to the mid-1980s, was mostly due to a failure of wages to adjust to the slowdown in underlying factor productivity growth. The initial effect was to decrease profit rates and capital shares. Over time, the reaction of firms was to reduce capital accumulation and move away from labor, leading to a steady increase in unemployment, and a recovery of the capital share. The reason why wage moderation, clearly evident in the data since the mid-1980s, has not led to a decrease in unemployment is that another type of shift has been at work, this time on the labor demand side. At a given wage and a given capital stock firms have steadily decreased employment. The effect of this adverse shift in labor demand has been to lead to both continued high unemployment, and increasing capital shares. What lies behind this shift in labor demand? There are two potential lines of explanation. The first is shifts in the distribution of rents away from workers, for example, the elimination of chronic excess employment by firms. The second explanation points to technological bias: firms in Continental Europe are introducing technologies biased against labor and towards capital.

Education, Unemployment, and Economic Growth

Alan L. Sorkin
Education Unemployment and Economic Growth Book PDF

Author : Alan L. Sorkin
Publisher : Lexington, Mass. : Lexington Books
Page : 218 pages
File Size : 42,8 Mb
Release : 1974
Category : Business & Economics
ISBN : UOM:39015001530321

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Education, Unemployment, and Economic Growth by Alan L. Sorkin Pdf

Economic research monograph on the relationship between education, unemployment and economic growth in the USA - presents an overview of the American labour force force, covers the geographic distribution and population distribution of unemployment, labour market factors, some vocational training programmes to alleviate unemployment among low income groups, etc., and includes short term projections for 1980. References and statistical tables.

The Causes of Unemployment

C. A. Greenhalgh,Richard Layard,Andrew J. Oswald
The Causes of Unemployment Book PDF

Author : C. A. Greenhalgh,Richard Layard,Andrew J. Oswald
Publisher : Oxford ; New York : Clarendon Press
Page : 368 pages
File Size : 51,6 Mb
Release : 1983
Category : Business & Economics
ISBN : STANFORD:36105037625980

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The Causes of Unemployment by C. A. Greenhalgh,Richard Layard,Andrew J. Oswald Pdf

First published in 'The Review of Economic Studies' and 'Oxford Economic Papers', these essays consider the natural rate of unemployment, and attempt to explain its determinants within different frameworks.

Regional Growth and Unemployment in the United Kingdom

R. J. Dixon,A. P. Thirlwall
Regional Growth and Unemployment in the United Kingdom Book PDF

Author : R. J. Dixon,A. P. Thirlwall
Publisher : London : Macmillan
Page : 274 pages
File Size : 54,8 Mb
Release : 1975
Category : Great Britain
ISBN : UCAL:B4438932

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Regional Growth and Unemployment in the United Kingdom by R. J. Dixon,A. P. Thirlwall Pdf

Monograph of economic analysis on regional level economic growth and unemployment in the UK - discusses regional industrial structure and location of industry patterns, relative costs as determinants of changes in patterns, types and determinants of frictional unemployment and structural unemployment, productivity growth, etc., and presents an economic model of regional growth. Graphs, references and statistical tables.

The Science of Economic Development and Growth

Clement Chukwukadibia Onyemelukwe
The Science of Economic Development and Growth Book PDF

Author : Clement Chukwukadibia Onyemelukwe
Publisher : Routledge
Page : 440 pages
File Size : 50,9 Mb
Release : 2005
Category : Business & Economics
ISBN : STANFORD:36105114319598

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The Science of Economic Development and Growth by Clement Chukwukadibia Onyemelukwe Pdf

Conventional Economics and New Economic Cycles -- Inflation and the New Economy -- New Growth Heights -- 10. Conclusion -- Notes -- Index

Labor Markets and Business Cycles

Robert Shimer
Labor Markets and Business Cycles Book PDF

Author : Robert Shimer
Publisher : Princeton University Press
Page : 192 pages
File Size : 48,7 Mb
Release : 2010-04-12
Category : Business & Economics
ISBN : 9781400835232

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Labor Markets and Business Cycles by Robert Shimer Pdf

Labor Markets and Business Cycles integrates search and matching theory with the neoclassical growth model to better understand labor market outcomes. Robert Shimer shows analytically and quantitatively that rigid wages are important for explaining the volatile behavior of the unemployment rate in business cycles. The book focuses on the labor wedge that arises when the marginal rate of substitution between consumption and leisure does not equal the marginal product of labor. According to competitive models of the labor market, the labor wedge should be constant and equal to the labor income tax rate. But in U.S. data, the wedge is strongly countercyclical, making it seem as if recessions are periods when workers are dissuaded from working and firms are dissuaded from hiring because of an increase in the labor income tax rate. When job searches are time consuming and wages are flexible, search frictions--the cost of a job search--act like labor adjustment costs, further exacerbating inconsistencies between the competitive model and data. The book shows that wage rigidities can reconcile the search model with the data, providing a quantitatively more accurate depiction of labor markets, consumption, and investment dynamics. Developing detailed search and matching models, Labor Markets and Business Cycles will be the main reference for those interested in the intersection of labor market dynamics and business cycle research.

Why Has Unemployment in Algeria Been Higher Than in MENA and Transition Countries

Kangni Kpodar
Why Has Unemployment in Algeria Been Higher Than in MENA and Transition Countries Book PDF

Author : Kangni Kpodar
Publisher : International Monetary Fund
Page : 36 pages
File Size : 42,5 Mb
Release : 2007-08
Category : Business & Economics
ISBN : UCSD:31822034966895

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Why Has Unemployment in Algeria Been Higher Than in MENA and Transition Countries by Kangni Kpodar Pdf

This paper analyzes the determinants of labor market performance in Algeria. When the model is estimated with panel data on a sample of MENA and transition countries for 1995- 2005, the results suggest that lower growth in labor productivity in Algeria is associated with higher unemployment than the sample average, though recent positive terms of trade shocks have helped Algeria reduce the differential. Labor market rigidities and labor taxation do not seem to explain why unemployment is higher in Algeria than in other countries. The results are robust to various panel econometric methods and instrumental variable estimates.

Perspectives on Labour Economics for Development

Sandrine Cazes,Sher Verick
Perspectives on Labour Economics for Development Book PDF

Author : Sandrine Cazes,Sher Verick
Publisher : International Labor Office
Page : 308 pages
File Size : 52,9 Mb
Release : 2013
Category : Business & Economics
ISBN : IND:30000141626675

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Perspectives on Labour Economics for Development by Sandrine Cazes,Sher Verick Pdf

In developing countries, labour markets play a central role in determining economic and social progress since employment status is one of the key determinants of exiting poverty and promoting inclusion. Yet the reality in most developing countries is that the labour market fails to create the jobs in the formal economy that would help individuals and their families prosper. In recognition of these challenges, governments and other stakeholders in developing countries have increasingly prioritised policies and programmes to promote decent work. However, this requires navigating a range of complex issues and debates surrounding the linkages between development processes and labour market outcomes. This volume consists of three main thematic parts. Part I provides a broad overview of key issues, including characterising the employment challenge in developing countries and the link between economic growth, distribution, poverty and employment. Drawing on the literature and country examples, Part II analyses the specific topics of wages, migration and education. The final section shifts to a more normative focus, addressing labour market institutions and policies, along with systematic approaches to quantifying labour markets in developing countries. Perspectives on Labour Economics for Development is an invaluable reference for policy-makers in middle- and low-income countries as well as an ideal handbook for teachers and students of economics and development.

Economic Growth, second edition

Robert J. Barro,Xavier I. Sala-I-Martin
Economic Growth second edition Book PDF

Author : Robert J. Barro,Xavier I. Sala-I-Martin
Publisher : MIT Press
Page : 676 pages
File Size : 46,7 Mb
Release : 2003-10-10
Category : Business & Economics
ISBN : 0262025531

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Economic Growth, second edition by Robert J. Barro,Xavier I. Sala-I-Martin Pdf

The long-awaited second edition of an important textbook on economic growth—a major revision incorporating the most recent work on the subject. This graduate level text on economic growth surveys neoclassical and more recent growth theories, stressing their empirical implications and the relation of theory to data and evidence. The authors have undertaken a major revision for the long-awaited second edition of this widely used text, the first modern textbook devoted to growth theory. The book has been expanded in many areas and incorporates the latest research. After an introductory discussion of economic growth, the book examines neoclassical growth theories, from Solow-Swan in the 1950s and Cass-Koopmans in the 1960s to more recent refinements; this is followed by a discussion of extensions to the model, with expanded treatment in this edition of heterogenity of households. The book then turns to endogenous growth theory, discussing, among other topics, models of endogenous technological progress (with an expanded discussion in this edition of the role of outside competition in the growth process), technological diffusion, and an endogenous determination of labor supply and population. The authors then explain the essentials of growth accounting and apply this framework to endogenous growth models. The final chapters cover empirical analysis of regions and empirical evidence on economic growth for a broad panel of countries from 1960 to 2000. The updated treatment of cross-country growth regressions for this edition uses the new Summers-Heston data set on world income distribution compiled through 2000.

The Labor Market and Economic Adjustment

Pierre-Richard Agénor
The Labor Market and Economic Adjustment Book PDF

Author : Pierre-Richard Agénor
Publisher : International Monetary Fund
Page : 98 pages
File Size : 40,8 Mb
Release : 1995-11-01
Category : Business & Economics
ISBN : 9781451854787

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The Labor Market and Economic Adjustment by Pierre-Richard Agénor Pdf

This paper examines the role of the labor market in the transmission process of adjustment policies in developing countries. It begins by reviewing the recent evidence regarding the functioning of these markets. It then studies the implications of wage inertia, nominal contracts, labor market segmentation, and impediments to labor mobility for stabilization policies. The effect of labor market reforms on economic flexibility and the channels through which labor market imperfections alter the effects of structural adjustment measures are discussed next. The last part of the paper identifies a variety of issues that may require further investigation, such as the link between changes in relative wages and the distributional effects of adjustment policies.