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Great Britain: No full employment despite considerable labour market successes

Author

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  • Wolfgang Ochel

Abstract

In terms of the standard definition of the ILO/OECD, unemployment trends in Great Britain point to considerable labour market successes. The unemployment rate has declined considerably, especially since 1993, and was only 6.1% in 1999. This favourable development was primarily the result of reforms in the wage settlement process. The power of the unions was weakened, a greater spread of wages was achieved, and wages were lower. If, however, we take into consideration the increase in early retirement, the growing number of claims for disability pensions, and participation in state educational and retraining measures, which are not included in the unemployment statistics, the unemployment rate would be higher.

Suggested Citation

  • Wolfgang Ochel, 2000. "Great Britain: No full employment despite considerable labour market successes," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 53(26), pages 29-30, November.
    • Handle: RePEc:ces:ifosdt:v:53:y:2000:i:26:p:29-30
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    More about this item

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • J23 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Demand

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