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Capital Stock, Unemployment and Wages in the UK and Germany

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Author Info
Arestis, Philip
Mariscal, Iris Biefang-Frisancho

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Abstract

This paper is concerned with the view that capital formation is an important variable in the determination of unemployment and wages in Germany and the UK. Adverse demand shocks affect employment and investment. When shocks reverse, unemployment may not fall to previous levels due to insufficient capital. The empirical results show that unemployment has risen in the last twenty years in both countries due to insufficient investment. Policies that are aimed at stimulating investment may have a permanent effect on unemployment in Germany and the UK. Copyright 2000 by Scottish Economic Society.

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Publisher Info
Article provided by Scottish Economic Society in its journal Scottish Journal of Political Economy.

Volume (Year): 47 (2000)
Issue (Month): 5 (November)
Pages: 487-503
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Handle: RePEc:bla:scotjp:v:47:y:2000:i:5:p:487-503

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  1. Marika Karanassou & Hector Sala & Dennis Snower, 2008. "Phillips Curves and Unemployment Dynamics: A Critique and a Holistic Perspective," Kiel Working Papers 1441, Kiel Institute for the World Economy. [Downloadable!]
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  2. Philip Arestis, Malcolm Sawyer, 2003. "Reinventing Fiscal Policy," Economics Working Paper Archive 381, Levy Economics Institute, The. [Downloadable!]
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  3. Sujit Kapadia, 2003. "The Capital Stock and Equilibrium Unemployment: A New Theoretical Perspective," Economics Series Working Papers 181, University of Oxford, Department of Economics. [Downloadable!]
  4. Pascalau, Razvan, 2007. "Productivity Shocks, Unemployment Persistence, and the Adjustment of Real Wages in OECD Countries," MPRA Paper 7222, University Library of Munich, Germany. [Downloadable!]
  5. Eckhard Hein & Till van Treeck, 2007. "'Financialisation' in Kaleckian/Post-Kaleckian models of distribution and growth," IMK Working Paper 07-2007, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute. [Downloadable!]
  6. Eckhard Hein, 2009. "A (Post-) Keynesian perspective on "financialisation"," IMK Studies 01-2009, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute. [Downloadable!]
  7. Sujit Kapadia, 2004. "The Capital Stock and Equilibrium Unemployment: A New Theoretical Perspective," Money Macro and Finance (MMF) Research Group Conference 2004 88, Money Macro and Finance Research Group. [Downloadable!]
  8. Philip Arestis, Malcolm Sawyer, 2003. "Aggregate Demand, Conflict, and Capacity in the Inflationary Process," Economics Working Paper Archive 391, Levy Economics Institute, The. [Downloadable!]
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  9. Eckhard Hein, 2008. "Shareholder value orientation, distribution and growth – short- and medium-run effects in a Kaleckian model," Department of Economics Working Papers wuwp120, Vienna University of Economics and B.A., Department of Economics. [Downloadable!]
  10. Karanassou, Marika & Sala, Hector, 2008. "The Rise and Fall of Spanish Unemployment: A Chain Reaction Theory Perspective," IZA Discussion Papers 3712, Institute for the Study of Labor (IZA). [Downloadable!]
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