The Social Costs of Unemployment: Accounting for Unemployment Duration

Carsten Ochsen and Heinz Welsch ()
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Heinz Welsch: University of Oldenburg

No 60, Thuenen-Series of Applied Economic Theory from University of Rostock, Institute of Economics, Germany

Abstract: The social costs of unemployment, in terms of unemployment's impact on European citizens' life satisfaction, relate strongly to unemployment duration. At any level of general joblessness, reducing long-term unemployment is more important than reducing the number of people unemployed at any point in time.

Keywords: unemployment; unemployment duration; life satisfaction; happiness; social costs (search for similar items in EconPapers)
JEL-codes: J64 I31 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-lab and nep-soc
Date: Written
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