Can We Grow Out of Unemployment? The Lessons of a Neoclassical Analysis
AbstractThe paper evaluates the effectiveness of growth as a remedy for unemployment in the face of a wage minimum in a Solow-Ramsey growth model. It is shown that growth alone will be sufficient to eventually eliminate any quantity of unemployment, as long as the minimum wage is not set "too high". However, a plausible calibration of parameters indicates that the elimination of even a moderate quantity of unemployment by the process of capital accumulation may take more than two decades.
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Bibliographic InfoPaper provided by Tasmania - Department of Economics in its series Papers with number 1997-01.
Length: 44 pages
Date of creation: 1997
Date of revision:
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Postal: UNIVERSITY OF TASMANIA, DEPARTMENT OF ECONOMICS, HOBART TASMANIA 7001 AUSTRALIA.
Phone: +61 3 6226 7672
Fax: +61 3 6226 7587
Web page: http://www.utas.edu.au/economics-finance/
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Find related papers by JEL classification:
- E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
- J64 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Unemployment: Models, Duration, Incidence, and Job Search
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