Reducing Unemployment: A Case for Government Deregulation

By Garry K. Ottosen; Douglas N. Thompson | Go to book overview

such things as the oil price shocks and increases in government regulations. In Chapter 5, unemployment insurance and other social welfare programs that may increase the NAIRU are analyzed. In Chapter 6, the effect unions have on wages and fringe benefits is examined. Other analysts have argued that unions have significantly increased the NAIRU in other countries. What about the United States? In Chapter 7, an examination is made of the effect unions have had on productivity growth and, more important, the effect current U.S. labor law has had on productivity growth. Chapter 8 takes a more general look at productivity growth and the NAIRU. Chapter 9 concludes with a summary and review. Each of the chapters presents a few public policy ideas that may help the United States to reduce its NAIRU.


NOTES
1.
Robert J. Gordon, Macrocconomics, 4th ed. ( Boston: Little, Brown, 1987), Appendix A.
2.
Stuart E. Weiner, "New Estimates of the Natural Rate of Unemployment," Federal Reserve Bank of Kansas City Economic Review 78 (Fourth Quarter 1993), pp. 53-69.
3.
The estimates of NAIRU's upper and lower bands are from Stuart E. Weiner , "The Natural Rate of Unemployment: Concepts and Issues," Federal Reserve Bank of Kansas City Economic Review 71 ( January 1986), pp. 11-24. Weiner estimates these upper and lower bands from eight series on the natural unemployment rate published by different authors.
4.
Amanda Bennett, "Business and Academia Clash over a Concept: 'Natural' jobless Rate," Wall StreetJoumal, January 24, 1995, p. 1.
5.
Richard K. Vedder and Lowell E. Gallaway, Out of Work: Unemployment and Government in Twentieth-Century America ( New York: Holmes & Meier, 1993).
6.
See, for example, Michael Bruno and Jeffrey D. Sachs, Economics of Worldwide Staflation ( Cambridge, MA: Harvard University Press, 1985); 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; Lawrence H. Summers, Understanding Unemployment ( Cambridge: MIT Press, 1990).
7.
Wall Street Journal, January 24, 1995, p. 1.
8.
A. William Phillips, "The Relation between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom, 1861-1957," Economica 25 ( 1958), pp. 283-99.

-28-

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Reducing Unemployment: A Case for Government Deregulation
Table of contents

Table of contents

  • Title Page iii
  • Contents v
  • Chapter 1 - THE COSTS OF UNEMPLOYMENT 1
  • Notes 10
  • Chapter 2 - THE NAIRU 11
  • Notes 28
  • Chapter 3 - A FAULTY DIAGNOSIS OF UNEMPLOYMENT 30
  • Notes 48
  • Chapter 4 - BUSINESS COSTS, GOVERNMENT REGULATIONS, AND THE NAIRU 51
  • Notes 73
  • Chapter 5 - UNEMPLOYMENT INSURANCE, SOCIAL WELFARE, AND THE NAIRU 75
  • Notes 96
  • Chapter 6 - THE UNION WAGE PREMIUM AND THE NAIRU 98
  • Notes 114
  • Chapter 7 - UNION PRODUCTIVITY EFFECTS, LABOR LAW, AND THE NAIRU 117
  • Notes 133
  • Chapter 8 - PRODUCTIVITY AND THE NAIRU 136
  • Notes 143
  • Chapter 9 - SUMMARY 144
  • Notes 155
  • Bibliography 157
  • Index 165
  • About the Authors 173
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