Reducing Unemployment: A Case for Government Deregulation

By Garry K. Ottosen; Douglas N. Thompson | Go to book overview
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has made thus far to reduce the U.S. unemployment rate can be doubly recommended because they have the potential to improve U.S. productivity growth.

Before concluding this chapter, it is worth noting that some economists already see evidence that increasing productivity growth in the late 1980s and early 1990s has reduced the U.S. NAIRU. Robert Gordon, for one, has recently suggested that increasing productivity has helped reduce the NAIRU from 6 to 5.5 percent. Many businesspeople support this viewpoint. Other economists are not yet ready to say that productivity growth has increased enough to reduce the NAIRU significantly. 7 Whether increasing productivity has or has not already reduced the NAIRU, we can be optimistic that if productivity growth continues to increase the NAIRU will come down.

John W Kendrick and Elliot S. Grossman, Productivity: The United States' Trends and Cycles ( Baltimore: Johns Hopkins University Press, 1980); Edward E Denison , "Explanations of Declining Productivity Growth," Survey of Current Business, August 1979, pp. 1-24.
Michael Bruno and Jeffrey D. Sachs, Economics of Worldwide Stagflation ( Cambridge: Harvard University Press, 1985), p. 249.
George E. Johnson and Richard Layard, "The Natural Rate of Unemployment: Explanation and Policy," in O. Ashenfelter and R. Layard (eds.), Handbook of Labor Economics, Volume 2 ( New York: Elsevier Science, 1986), Chapter 16.
Richard Layard, How to Beat Unemployment ( Oxford, England: Oxford University Press, 1986).
Bruno and Sachs, Economics of Worldwide Stagflation.
Amanda Bennett, "Business and Academia Clash over a Concept: 'Natural' Jobless Rate," Wall Street Journal, January 24, 1995, p. 1.


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