EAN: 9783642534621

LABOR MARKETS AND SOCIAL SECURITY KARTONIERT (TB)

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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