From Golden Age to Golden Age: Australia's "Great Leap Forward"?
Paul Frijters () and
Robert Gregory ()
No 2068, IZA Discussion Papers from Institute of Labor Economics (IZA)
The twenty-five years after WW 2 witnessed strong labour market institutions and beneficial labour market outcomes – high wage growth and integration of low-skilled immigrants. Then came the macro shocks of the mid 1970s. Labour market outcomes deteriorated as full-time employment population ratios fell, particularly among males; unemployment and welfare use increased; and real wages grew slowly. The golden age passed. In response, successive governments have increasingly begun to dismantle the institutional framework. We address this transition within a simple long run graphical framework to help us marshal facts and arguments and to discuss the likely impact of institutional reform.
Keywords: unemployment; wage growth; welfare use; institutional reform; Australia (search for similar items in EconPapers)
JEL-codes: D6 E6 J0 L5 O3 (search for similar items in EconPapers)
Pages: 46 pages
New Economics Papers: this item is included in nep-lab and nep-mac
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Published - published in: The Economic Record, 82 (257) 2006, 207-224
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Journal Article: From Golden Age to Golden Age: Australia's ‘Great Leap Forward’? (2006)
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Persistent link: https://EconPapers.repec.org/RePEc:iza:izadps:dp2068
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