Traditionally, Economists tought of high unemployment as a cyclical phenomenon; unemployment would eventually moderate wage demands and thereby open up new employment opportunities. Hysterisis suggests however that workers who become long term unemployed find it extremely difficult, if not impossible, to break back into the labour market. We argue that hysterisis is bound up with the strong shift in demand away from poorly skilled workers that has occured in recent decades.
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Publisher Info
Paper provided by College Dublin, Department of Political Economy- in its series Papers with number
97/24.
Length: 14 pages Date of creation: 1997 Date of revision: Handle: RePEc:fth:dublec:97/24
Contact details of provider: Postal: Ireland; University College Dublin, Department of Political Economy, Centre for Economic Research, Belfield, Dublin 4 Phone: +353-1-7067777 Fax: +353-1-283 0068 Web page: http://www.ucd.ie/economics/ More information through EDIRC
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