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Labor Markets and Social Security - Issues and Policy Options in the U.S. and Europe (Paperback, 2nd ed. 2003)
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Labor Markets and Social Security - Issues and Policy Options in the U.S. and Europe (Paperback, 2nd ed. 2003)
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John T. Addison and Paul J. J. Welfens Because inflation seems
moribund in OECD countries, stubborn unemployment became the top
policy priority of the 1990s. Unemployment has increased in many
countries, reaching critical levels for unskilled and young workers
in most continental EU countries. Europe's employment performance
has continued to lag that in North America. The U. S. in particular
achieved a remarkable combination of low inflation and full
employment in the late 1990s, at a time when the EU suf fered from
record unemployment rates, even if inflation was remarkably low.
Since the 1980s, the consensus view among economists is that
structural unem ployment plays a much more important role than
cyc1ical unemployment in Europe, but that labour costs (wage costs
plus nonwage costs) are also part of Europe's labour market
problem. Most EU countries rely on a pay-as-you-go pub lic pension
system. Contribution rates gradually increased in the 1980s and
1990s, when the share of young workers in overall employment was
dec1ining and life expectancy increasing. Rising nonwage costs from
the pension system are but one important feature of labour markets
in Europe. Given the remarkable dynamics of labour markets, new
entry into the labour force, labour turnover, and changes in
employment characteristics, one has to also search for other
factors behind sus tained unemployment. High unemployment is
critical for EU countries, where one can point to rela tively few
positive developments after 1975. The U. K."
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