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The Causes of High Unemployment: Labour-Market Sclerosis v. Macroeconomic Policy

In: Wages, Employment, Distribution and Growth

Author

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  • Thomas I. Palley

Abstract

The economies of Western Europe remain afflicted by high and intractable rates of unemployment, with the European Union unemployment rate standing at 8.1 per cent as of August 2004, while the unemployment rate in the 12-country euro-zone area was 9.0 per cent. Moreover, European unemployment rates have been stuck at these levels for several years. In stark contrast, the US unemployment rate touched a 30-year low of 3.9 per cent in September 2000, rose to 6.3 per cent in the most recent recession, and was back down to 5.4 per cent in September 2004. This divergence in performance has opened a great debate that is being especially vigorously pursued in Germany.

Suggested Citation

  • Thomas I. Palley, 2006. "The Causes of High Unemployment: Labour-Market Sclerosis v. Macroeconomic Policy," Palgrave Macmillan Books, in: Eckhard Hein & Arne Heise & Achim Truger (ed.), Wages, Employment, Distribution and Growth, chapter 2, pages 20-48, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-37178-1_3
    DOI: 10.1057/9780230371781_3
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    Cited by:

    1. Eckhard Hein & Lena Vogel, 2007. "Distribution and growth reconsidered - empirical results for Austria, France, Germany, the Netherlands, the UK and the USA," IMK Working Paper 03-2007, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    2. Thomas Palley, 2008. "The Economics of Outsourcing: How Should Policy Respond?," Review of Social Economy, Taylor & Francis Journals, vol. 66(3), pages 279-295.

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