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Is the U.S. Labor Market the Model for Advanced Countries?

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  • Richard B. Freeman

Abstract

The 1990s economic performance suggests that the US may have the right mix of institutions and policies to be the peak capitalist economy in the new information economy. This paper develops criteria for judging peak status. It finds that the US is a legitimate candidate for peak in terms of employment and productivity but not distribution. The 1990s full employment strengthens the case for the US as peak economy even on distributional grounds. But with anything less than full employment the US economy will lose its luster. Still, the US record in employing women and extending ownership to many workers deserves attention

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Bibliographic Info

Article provided by University of Toronto Press in its journal Canadian Public Policy.

Volume (Year): 26 (2000)
Issue (Month): s1 (July)
Pages: 187-200

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Handle: RePEc:cpp:issued:v:26:y:2000:i:s1:p:187-200

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  1. Richard B. Freeman & Ronald Schettkat, 1999. "The Role of Wage and Skill Differences in US-German Employment Differences," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), Justus-Liebig University Giessen, Department of Statistics and Economics, vol. 219(1+2), pages 49-66, July.
  2. David Card & Francis Kramarz & Thomas Lemieux, 1999. "Changes in the Relative Structure of Wages and Employment: A Comparison of the United States, Canada, and France," Canadian Journal of Economics, Canadian Economics Association, vol. 32(4), pages 843-877, August.
  3. Chinhui Juhn & Kevin M. Murphy & Robert H. Topel, 1991. "Why Has the Natural Rate of Unemployment Increased over Time?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 22(2), pages 75-142.
  4. Peter Gottschalk & Timothy M. Smeeding, 1997. "Cross-National Comparisons of Earnings and Income Inequality," Journal of Economic Literature, American Economic Association, vol. 35(2), pages 633-687, June.
  5. David M. Cutler & Lawrence F. Katz, 1991. "Macroeconomic Performance and the Disadvantaged," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 22(2), pages 1-74.
  6. Rebecca M. Blank & David Card, 1993. "Poverty, Income Distribution, and Growth: Are They Still Connected," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 24(2), pages 285-340.
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