Preventing Long-term Unemployment: Strategy and Costings (1997)

Richard Layard
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Richard Layard: London School of Economics and Political Science

Chapter 15 in Tackling Unemployment, 1999, pp 338-353 from Palgrave Macmillan

Abstract: Abstract No free society has been able to contain inflation without having some unemployment. For wage inflation gets bid up unless employers face a reasonable supply of attractive applicants for their vacancies. But long-term unemployment does not provide such a supply of applicants. The longer people have been unemployed the less attractive they are to employers, as is illustrated dramatically in Figure 15.1. So long-term unemployment fails to control inflation, and at the same time is deeply damaging to the unemployed. It is therefore a total waste, economic and social. Although we now have the same level of vacancies as in 1972, we have eight times more long-term unemployed.

Keywords: Labour Market Policy; Unemployed People; Unemployed Person; Regular Employer; Active Labour Market Policy (search for similar items in EconPapers)
Date: 1999
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DOI: 10.1057/9780230379206_15

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