Global Unemployment, Longrun Economic Growth and Labour Market Rigidities: A Commentary
AbstractThis short paper aims to contribute to the debate on the causes and remedies for high rates of unemployment and under-employment, which presently afflict large parts of both the North (industrial countries) and the South (developing countries). The starting point for the paper is a recent interesting and thoughtful examination of these questions by Isabelle Grunberg (1996). As against the emphasis on labour market flexibility and the concept of NAIRU, which dominate the mainstream theoretical discussions, as well as policy prescriptions for the global unemployment problem, Grunberg provides an unorthodox analysis. She regards failure on the demand side to be the main cause of unemployment and considers a range of structural factors connected with the increasing integration of the world economy (in terms of trade, finance and investment) which inhibit demand growth. The present author broadly agrees with Grunberg's general approach. This paper supplements her analysis by examining further some of the main themes presented in her contribution. Specifically, the paper will comment on the following issues: (a) The differences in the nature of the employment challenge which confronts industrial and developing countries. (b)The question of "jobless growth" and the effects of technical change on employment and unemployment. (c) The impact of globalisation and liberalisation on the rate of growth of demand in the world economy. The paper provides inter alia an analysis of the chief constraints on the demand as well as the supply side which may affect the long-term growth of output and employment in industrial and developing countries.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 24285.
Date of creation: 1998
Date of revision:
Globalisation; Globalization; liberalisation; Liberalization; global unemployment;
Other versions of this item:
- Singh, Ajit, 1999. "Global unemployment, Long-run economic growth and labour market rigidities: a commentary," MPRA Paper 54056, University Library of Munich, Germany.
- A1 - General Economics and Teaching - - General Economics
- J64 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Unemployment: Models, Duration, Incidence, and Job Search
- F01 - International Economics - - General - - - Global Outlook
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- Singh, Ajit, 1994.
"Openness and the market friendly approach to development: Learning the right lessons from development experience,"
Elsevier, vol. 22(12), pages 1811-1823, December.
- Singh, Ajit, 1995. "'Openness' and the 'Market Friendly' approach to development: learning the right lessons from development experience," MPRA Paper 54988, University Library of Munich, Germany.
- Layard, Richard & Nickell, Stephen & Jackman, Richard, 2005.
"Unemployment: Macroeconomic Performance and the Labour Market,"
Oxford University Press, number 9780199279173, September.
- Layard, Richard & Nickell, Stephen & Jackman, Richard, 1991. "Unemployment: Macroeconomic Performance and the Labour Market," OUP Catalogue, Oxford University Press, number 9780198284345, September.
- Singh, Ajit, 1996.
"Financial liberalisation,stockmarkets and economic development,"
53897, University Library of Munich, Germany.
- Ajit Singh, 1998. "Financial liberalisation, stockmarkets and economic development," Nova Economia, Economics Department, Universidade Federal de Minas Gerais (Brazil), vol. 8(1), pages 165-182.
- Singh, Ajit, 1997. "Financial Liberalisation, Stockmarkets and Economic Development," Economic Journal, Royal Economic Society, vol. 107(442), pages 771-82, May.
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- Aghion, Philippe & Howitt, Peter, 1994.
"Growth and Unemployment,"
Review of Economic Studies,
Wiley Blackwell, vol. 61(3), pages 477-94, July.
- Singh, Ajit, 1995. "Institutional requirements for full employment in advanced economies," MPRA Paper 54990, University Library of Munich, Germany.
- Michael Bruno & Jeffrey D. Sachs, 1985. "Economics of Worldwide Stagflation," NBER Books, National Bureau of Economic Research, Inc, number brun85-1, October.
- C Freeman, 1989. "New Technology and Catching Up," The European Journal of Development Research, Palgrave Macmillan, vol. 1(1), pages 85-99, June.
- Glyn, A. & Hughes, A. & Lipietz, A. & Singh, A., 1988. "The Rise And Fall Of The Golden Age," Cambridge Working Papers in Economics 884, Faculty of Economics, University of Cambridge.
- Ajit Singh, 2005. "FDI, Globalisation and Economic Development - Towards Reforming National and International Rules of the Game," ESRC Centre for Business Research - Working Papers wp304, ESRC Centre for Business Research.
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