Unemployment Capital Labor Substitution And Economic Growth

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Unemployment, Capital-Labor Substitution, and Economic Growth

Author : Mr.Bob Rowthorn
Publisher : International Monetary Fund
ISBN 13 : 1451846304
Total Pages : 39 pages
Book Rating : 4.4/5 (518 download)

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Book Synopsis Unemployment, Capital-Labor Substitution, and Economic Growth by : Mr.Bob Rowthorn

Download or read book Unemployment, Capital-Labor Substitution, and Economic Growth written by Mr.Bob Rowthorn and published by International Monetary Fund. This book was released on 1999-03-01 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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

Author : Hideyuki Adachi
Publisher : Springer
ISBN 13 : 9811337268
Total Pages : 90 pages
Book Rating : 4.8/5 (113 download)

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Book Synopsis Technological Progress, Income Distribution, and Unemployment by : Hideyuki Adachi

Download or read book Technological Progress, Income Distribution, and Unemployment written by Hideyuki Adachi and published by Springer. This book was released on 2019-01-04 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Unemployment, Market Structure and Growth

Author : Rüdiger Wapler
Publisher : Springer Science & Business Media
ISBN 13 : 3642558933
Total Pages : 246 pages
Book Rating : 4.6/5 (425 download)

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Book Synopsis Unemployment, Market Structure and Growth by : Rüdiger Wapler

Download or read book Unemployment, Market Structure and Growth written by Rüdiger Wapler and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Economic Reforms, Growth and Employment

Author : Jürgen Weller
Publisher : United Nations Publications
ISBN 13 :
Total Pages : 228 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Economic Reforms, Growth and Employment by : Jürgen Weller

Download or read book Economic Reforms, Growth and Employment written by Jürgen Weller and published by United Nations Publications. This book was released on 2001 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Conquering Unemployment

Author : Jon Shields
Publisher : A&C Black
ISBN 13 :
Total Pages : 280 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Conquering Unemployment by : Jon Shields

Download or read book Conquering Unemployment written by Jon Shields and published by A&C Black. This book was released on 1989 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Revisiting European Unemployment

Author : Olivier J. Blanchard
Publisher : Economic and Social Reseach Institute (ESRI)
ISBN 13 :
Total Pages : 66 pages
Book Rating : 4.3/5 (243 download)

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Book Synopsis Revisiting European Unemployment by : Olivier J. Blanchard

Download or read book Revisiting European Unemployment written by Olivier J. Blanchard and published by Economic and Social Reseach Institute (ESRI). This book was released on 1998 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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

Author : Alan L. Sorkin
Publisher : Lexington, Mass. : Lexington Books
ISBN 13 :
Total Pages : 216 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Education, Unemployment, and Economic Growth by : Alan L. Sorkin

Download or read book Education, Unemployment, and Economic Growth written by Alan L. Sorkin and published by Lexington, Mass. : Lexington Books. This book was released on 1974 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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

Author : C. A. Greenhalgh
Publisher : Oxford ; New York : Clarendon Press
ISBN 13 :
Total Pages : 368 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis The Causes of Unemployment by : C. A. Greenhalgh

Download or read book The Causes of Unemployment written by C. A. Greenhalgh and published by Oxford ; New York : Clarendon Press. This book was released on 1983 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Labor Markets and Business Cycles

Author : Robert Shimer
Publisher : Princeton University Press
ISBN 13 : 1400835232
Total Pages : 192 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis Labor Markets and Business Cycles by : Robert Shimer

Download or read book Labor Markets and Business Cycles written by Robert Shimer and published by Princeton University Press. This book was released on 2010-04-12 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Regional Growth and Unemployment in the United Kingdom

Author : R. J. Dixon
Publisher : London : Macmillan
ISBN 13 :
Total Pages : 274 pages
Book Rating : 4.:/5 (44 download)

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Book Synopsis Regional Growth and Unemployment in the United Kingdom by : R. J. Dixon

Download or read book Regional Growth and Unemployment in the United Kingdom written by R. J. Dixon and published by London : Macmillan. This book was released on 1975 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 Labor Market and Economic Adjustment

Author : Pierre-Richard Agénor
Publisher : International Monetary Fund
ISBN 13 : 1451854781
Total Pages : 98 pages
Book Rating : 4.4/5 (518 download)

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Book Synopsis The Labor Market and Economic Adjustment by : Pierre-Richard Agénor

Download or read book The Labor Market and Economic Adjustment written by Pierre-Richard Agénor and published by International Monetary Fund. This book was released on 1995-11-01 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Employment Protection Deregulation and Labor Shares in Advanced Economies

Author : Gabriele Ciminelli
Publisher : International Monetary Fund
ISBN 13 : 1484373723
Total Pages : 72 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Employment Protection Deregulation and Labor Shares in Advanced Economies by : Gabriele Ciminelli

Download or read book Employment Protection Deregulation and Labor Shares in Advanced Economies written by Gabriele Ciminelli and published by International Monetary Fund. This book was released on 2018-08-16 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: Labor market deregulation, intended to boost productivity and employment, is one plausible, yet little studied, driver of the decline in labor shares that took place across most advanced economies since the early 1990s. This paper assesses the impact of job protection deregulation in a sample of 26 advanced economies over the period 1970-2015, using a newly constructed dataset of major reforms to employment protection legislation for regular contracts. We apply the local projection method to estimate the dynamic response of the labor share to our reform events at both the country and the country-industry levels. For the latter, we employ a differences-in-differences identification strategy using two identifying assumptions grounded in theory—namely that job protection deregulation should have larger negative effects in industries characterized by (i) a higher “natural” propensity to adjust the workforce, and (ii) a lower elasticity of substitution between capital and labor. We find a statistically significant, economically large and robust negative effect of deregulation on the labor share. In particular, illustrative back-of-the-envelope calculations suggest that job protection deregulation may have contributed about 15 percent to the average labor share decline in advanced economies. Together with existing evidence regarding the macroeconomic gains from job protection and other labor market reforms, our results also point to the need for policymakers to address efficiency-equity trade-offs when designing such reforms.

The Economies of China and India

Author : Manmohan Agarwal
Publisher : World Scientific Publishing Company
ISBN 13 : 9789813100398
Total Pages : 0 pages
Book Rating : 4.1/5 (3 download)

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Book Synopsis The Economies of China and India by : Manmohan Agarwal

Download or read book The Economies of China and India written by Manmohan Agarwal and published by World Scientific Publishing Company. This book was released on 2017-02-23 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Volume 1. China and India: The International Context and Economic Growth, Manufacturing Performance and Rural Development -- Volume 2. Competitiveness, External Cooperation Strategy, and Income Distribution: Changes in China -- Volume 3. Economic Growth, Employment and Inclusivity: The International Environment

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

Author : Kangni Kpodar
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Why Has Unemployment in Algeria Been Higher Than in MENA and Transition Countries by : Kangni Kpodar

Download or read book Why Has Unemployment in Algeria Been Higher Than in MENA and Transition Countries written by Kangni Kpodar and published by International Monetary Fund. This book was released on 2007-08 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Behavioral Economics and Its Applications

Author : Peter Diamond
Publisher : Princeton University Press
ISBN 13 : 1400829143
Total Pages : 331 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis Behavioral Economics and Its Applications by : Peter Diamond

Download or read book Behavioral Economics and Its Applications written by Peter Diamond and published by Princeton University Press. This book was released on 2012-01-12 with total page 331 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the last decade, behavioral economics, borrowing from psychology and sociology to explain decisions inconsistent with traditional economics, has revolutionized the way economists view the world. But despite this general success, behavioral thinking has fundamentally transformed only one field of applied economics-finance. Peter Diamond and Hannu Vartiainen's Behavioral Economics and Its Applications argues that behavioral economics can have a similar impact in other fields of economics. In this volume, some of the world's leading thinkers in behavioral economics and general economic theory make the case for a much greater use of behavioral ideas in six fields where these ideas have already proved useful but have not yet been fully incorporated--public economics, development, law and economics, health, wage determination, and organizational economics. The result is an attempt to set the agenda of an important development in economics--an agenda that will interest policymakers, sociologists, and psychologists as well as economists. Contributors include Ian Ayres, B. Douglas Bernheim, Truman F. Bewley, Colin F. Camerer, Anne Case, Michael D. Cohen, Peter Diamond, Christoph Engel, Richard G. Frank, Jacob Glazer, Seppo Honkapohja, Christine Jolls, Botond Koszegi, Ulrike Malmendier, Sendhil Mullainathan, Antonio Rangel, Emmanuel Saez, Eldar Shafir, Sir Nicholas Stern, Jean Tirole, Hannu Vartiainen, and Timothy D. Wilson.

The Economic and Fiscal Consequences of Immigration

Author : National Academies of Sciences, Engineering, and Medicine
Publisher : National Academies Press
ISBN 13 : 0309444454
Total Pages : 643 pages
Book Rating : 4.3/5 (94 download)

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Book Synopsis The Economic and Fiscal Consequences of Immigration by : National Academies of Sciences, Engineering, and Medicine

Download or read book The Economic and Fiscal Consequences of Immigration written by National Academies of Sciences, Engineering, and Medicine and published by National Academies Press. This book was released on 2017-07-13 with total page 643 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Economic and Fiscal Consequences of Immigration finds that the long-term impact of immigration on the wages and employment of native-born workers overall is very small, and that any negative impacts are most likely to be found for prior immigrants or native-born high school dropouts. First-generation immigrants are more costly to governments than are the native-born, but the second generation are among the strongest fiscal and economic contributors in the U.S. This report concludes that immigration has an overall positive impact on long-run economic growth in the U.S. More than 40 million people living in the United States were born in other countries, and almost an equal number have at least one foreign-born parent. Together, the first generation (foreign-born) and second generation (children of the foreign-born) comprise almost one in four Americans. It comes as little surprise, then, that many U.S. residents view immigration as a major policy issue facing the nation. Not only does immigration affect the environment in which everyone lives, learns, and works, but it also interacts with nearly every policy area of concern, from jobs and the economy, education, and health care, to federal, state, and local government budgets. The changing patterns of immigration and the evolving consequences for American society, institutions, and the economy continue to fuel public policy debate that plays out at the national, state, and local levels. The Economic and Fiscal Consequences of Immigration assesses the impact of dynamic immigration processes on economic and fiscal outcomes for the United States, a major destination of world population movements. This report will be a fundamental resource for policy makers and law makers at the federal, state, and local levels but extends to the general public, nongovernmental organizations, the business community, educational institutions, and the research community.

Perspectives on Labour Economics for Development

Author : Sandrine Cazes
Publisher : International Labor Office
ISBN 13 :
Total Pages : 308 pages
Book Rating : 4.3/5 ( download)

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Book Synopsis Perspectives on Labour Economics for Development by : Sandrine Cazes

Download or read book Perspectives on Labour Economics for Development written by Sandrine Cazes and published by International Labor Office. This book was released on 2013 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.