Introduction

Kenneth Walsh
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Kenneth Walsh: University of Sussex

Chapter 1 in Long-Term Unemployment: An International Perspective, 1987, pp 1-9 from Palgrave Macmillan

Abstract: Abstract Maintaining a low level of unemployment has been a basic tenet of macro-economic policy in all the developed economies for some considerable time. In the post-Second World War period and right up until the 1970s, economists talked and wrote about a ‘normal’ rate of unemployment below which it would be difficult (and largely undesirable) to fall. This rate was commonly put at around 2 or 3 per cent, regarded as optimal in a dynamic economy. It was seen essentially as the ‘frictional’ component of unemployment which represents the proportion of the labour force simply between jobs. Consequently, if a person became unemployed, then it would only be a matter of time, usually quite short, before that person found alternative employment thus restoring the situation.

Keywords: Labour Market; Labour Market Condition; Unemployment Register; Unemployment Duration; Labour Market Performance (search for similar items in EconPapers)
Date: 1987
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-07701-4_1

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DOI: 10.1007/978-1-349-07701-4_1

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