Alcune considerazioni su "Laws and Economics" in tema di mercato del lavoro

Floro Caroleo ()

STUDI ECONOMICI, 2002, vol. 2002/77, issue 77

Abstract: Alcune considerazioni su "Laws and Economics" in tema di mercato del lavoro (di Floro Ernesto Caroleo) - ABSTRACT: Near consensus arose in the 1990s and still remains unchallenged that labour market institutions and government intervention bear major responsibility for having made European unemployment so high. The OECD and other international economic organizations suggested that unemployment is essentially due to the rigidities of rules and regulations operating in the labour market. The policy consequence was that the European employment strategy should implement a radical reform of the institutions to restore flexibility in the labour market. In turn, such a statement implies that there is unconditional adhesion to the "law of one price" and to what could be called the "law of one institution", namely the market considered to be the most efficient supplier of resources. This paper states that there is neither empirical evidence of nor theoretical foundation to the labour market flexibility option. Moreover, a large institutional variability should allow every individual country to create the best combination of structural reforms and social equity.

Date: 2002
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