Unemployment

John Mills

Chapter 7 in Managing the World Economy, 2000, pp 159-189 from Palgrave Macmillan

Abstract: Abstract During the past quarter of a century, an extraordinary change has taken place across much of the developed world. It has been the huge growth in unemployment, particularly in Europe, matched by the fatalism with which this has been accepted by a majority of the population. In most of the developing world, unemployment is not a significant problem, but in early 1999, a little under 10% of all the EU’s labour force was registered as out of work. 17m people were looking for jobs.1 In the USA, the level of registered unemployment was much lower. In December 1998 it was 4.3% — 6m people.2 Viewed as a whole, the job market seemed to be working much better in the USA than it was the other side of the Atlantic. Whether this is a wholly correct perception is another matter, but at least the very high number of people without employment in Europe has concentrated attention on the lack of good quality jobs in a way which is not true to nearly the same extent in the USA.

Keywords: Exchange Rate; Labour Force; World Economy; Trade Balance; Total Return (search for similar items in EconPapers)
Date: 2000
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-333-97784-2_7

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DOI: 10.1057/9780333977842_7

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