Okun’s Law, Employment Paradox and Impact of Unemployment on the Economy of the USSR and Russia
For effective economic growth, intentional “creation” of unemployment is required to be followed up by its «elimination». From Okun’s law one can infer an interesting corollary: growing unemployment without reducing GDP increases the economy’s potential. This corollary can be proved theoretically (unlike Okun’s law which is an empirical law). There were two causes of the USSR’s economic slowdown on the eve of its breakup. One of them was a shortage of labor which is identical to lack of unemployment. However strange it may seem, but the economic problems of modern Russia have the same root cause.
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- BLINOV, Sergey, 2013. "Time Is Money. Theory of Value Depreciation," MPRA Paper 51902, University Library of Munich, Germany.
- BLINOV, Sergey, 2014. "Causes of the British Industrial Revolution," MPRA Paper 53642, University Library of Munich, Germany.
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