Europe in 1984: The Case for Unsustainable Growth (1984)

G. Basevi, Olivier Blanchard, Willem Buiter and Rüdiger Dornbusch

Chapter 22 in Tackling Unemployment, 1999, pp 465-514 from Palgrave Macmillan

Abstract: Abstract The European economy remains in the doldrums. Though output is rising, the general opinion, reflected in the EC Commission’s projections, is that unemployment will remain at around 10 per cent for some years. Thus when Europeans speak of recovery these days, they mean that output will soon be growing at its trend rate of growth. This will not increase employment, for output per worker will grow as fast as output. With the labour force constant, there will thus remain the same margin of unemployed labour as at present.

Keywords: Exchange Rate; Fiscal Policy; Real Wage; Real Interest Rate; Employment Protection Legislation (search for similar items in EconPapers)
Date: 1999
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DOI: 10.1057/9780230379206_22

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