Missing Links in the Unemployment Relationship » (New Edition)

PHILIP ARESTIS is University Director of Research, Cambridge Centre for Economics and Public Policy, Department of Land Economy, University of Cambridge, UK. He is also Adjunct Professor of Economics, University of Utah, US; Senior Scholar, Levy Economics Institute, New York, US; Visiting Professor, University of Leeds, UK; and Visiting Professor, School of Oriental and African Studies (SOAS), University of London, UK. He was a member of the Economics and Econometrics RAE panel in 1996 and in 2001, and Quality Assessor for the quality assessment exercise in Economics of the Scottish Higher Education Funding Council, the Welsh Funding Councils and of the Higher Education Funding Council in England. He was a member of the Council of the Royal Economic Society (RES), and Secretary of the RES Standing Conference of Heads of Department in Economics (CHUDE). He is currently Vice-Chair of the ESRC-funded Macroeconomics, Money and Finance Research Group. He has published as sole author or editor, as well as co-author and co-editor, a number of books, contributed in the form of invited chapters to numerous books, produced research reports for research institutes, and has published widely in academic journals.

JOHN MCCOMBIE is Director of the Centre for Economic and Public Policy and Fellow in Economics, Downing College, University of Cambridge, UK. He has previously held positions in Economics departments at the University of Hull and the University of Melbourne. His research interests include the study of national and regional growth disparities, economic growth and the balance-of-payments constraint, and criticisms of the aggregate production function and conventional measures of the rate of technical progress. He has published widely in these areas.

Unemployment has been somewhat neglected within the world of economics in recent years. However, even within the EU, several regions still suffer from worrying levels of people out of work. This book explores the subject of unemployment in detail, analyzing past successes and failures in the area, and offering lessons and proposals for the future.

1 Introduction Philip Arestis Arestis, Philip John McCombie McCombie, John 1

2 The labour market in light of flexibility and globalization Elias Karakitsos Karakitsos, Elias 7

3 Why do some economies have lower unemployment rates than others? John Cornwall Cornwall, John Wendy Cornwall Cornwall, Wendy 31

4 Historical examination of the golden age of full employment in Western Europe Ajit Singh Singh, Ajit 51

5 The 'Thatcher experiment' 1979-90 : did it lead to an economic renaissance of the UK? Nigel F. B. Allington Allington, Nigel F. B. John McCombie McCombie, John 72

6 Macroeconomic stability, affordability and manageability of employer of last resort programmes L. Randall Wray Wray, L. Randall 95

7 Why public sector job creation should be fashionable William Mitchell Mitchell, William 113

8 Capital stock and unemployment : searching for the missing link Alfonso Palacio-Vera Palacio-Vera, Alfonso Ana Rosa Martinez-Canete Martinez-Canete, Ana Rosa Elena Marquez de la Cruz Cruz, Elena Marquez de la Ines Perez-Soba Aguilar Aguilar, Ines Perez-Soba 133

9 Does technological change induce unemployment? Santonu Basu Basu, Santonu Sushanta Mallick Mallick, Sushanta 158

10 Institutions, welfare state and full employment Jesus Ferreiro Ferreiro, Jesus Felipe Serrano Serrano, Felipe 182

11 Perspectives of workers with low qualifications in Germany under the pressures of globalization and technical progress Harald Hagemann Hagemann, Harald Ralf Rukwid Rukwid, Ralf 200

Index 223