Some Political Aspects of Unemployment
We study a number of mechanisms through which an economy can be stuck at a high unemployment equilibrium because a poor labour market is associated with support for poor policy. These mechanisms are consistent with the relative scarcity of measures that have been undertaken to cure unemployment. The message of the paper is that curing the European unemployment problem is a difficult task because a lot of skill is required to avoid political pitfalls.
|Date of creation:||May 1994|
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in: NBER Macroeconomics Annual 1993, Volume 8, pages 151-196
National Bureau of Economic Research, Inc.
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