The Efficiency Case for Long-run Labour Market Policies (1980)

R. Jackman

Chapter 16 in Tackling Unemployment, 1999, pp 354-376 from Palgrave Macmillan

Abstract: Abstract Can long-run labour market policies do any good? Or, in other words, is there a role for labour market intervention, independent of the business cycle?1 The test is, of course, whether it could raise the level of welfare consistent with nonaccelerating inflation. One obvious case that calls for intervention is where real wages or relative wages are rigid. But there has been a tendency to suppose that, if wages were flexible, there could be no free lunch.2 We therefore begin with the case of flexible wages, before considering the case of wage rigidity.

Keywords: Labour Supply; Unemployment Benefit; Replacement Ratio; Public Employment; Unskilled Worker (search for similar items in EconPapers)
Date: 1999
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DOI: 10.1057/9780230379206_16

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