Celebrating humanity's flourishing through the spread of capitalism and the rule of law
13 Oct 2015 Leave a comment
in economic history, unemployment
I do not know enough about Canadian politics and unemployment insurance arrangements to understand why its percentage of long-term unemployed did not change much after the global financial crisis while it skyrocketed in the USA. European unemployment duration is already been long. There was a significant improvement in the number of long-term unemployed as percentage of all unemployed men under the horrors of Thatcherism.
Data extracted on 13 Oct 2015 01:30 UTC (GMT) from OECD.Stat.
13 Oct 2015 Leave a comment
in economic history, job search and matching, macroeconomics, unemployment
The unemployment rate was zero in New Zealand in 1956, 1957 and 1961. Apparently no one was jobless even for a day in New Zealand when changing jobs or entering or re-entering the workforce from outside employment, from school or other educational callings or as a migrant, if the OECD data is to be believed.
Data extracted on 13 Oct 2015 00:11 UTC (GMT) from OECD.Stat.
Unemployment was 1% for the rest of the 1960s in New Zealand before skyrocketing to 2.5% in 1975. By 1983, under the best of the good old days before the scourge of neoliberalism, unemployment rate had reached 5.5% after a steady increase from more than a decade.
The less than 1% unemployment was mostly under National Party rule but this era is looked upon with great fondness by the left-wing in New Zealand. Same in Australia where the good old days are known as the Menzies era: 23 years of Conservative party rule but beloved now by the left-wing as the ideal mixed economy.
Australian unemployment rates in the late 1960s was also pretty low given the requirements of labour market churn and entry on re-entry into the labour force.
13 Oct 2015 Leave a comment
in economic history, job search and matching, macroeconomics, unemployment
Canada has had much worse unemployment rates than the USA since the late 1970s. British unemployment rates have been doing okay since the late 1990s until the global financial crisis.
Data extracted on 13 Oct 2015 00:11 UTC (GMT) from OECD.Stat
06 Oct 2015 Leave a comment
in labour economics, unemployment
I am surprised how high the number is in the USA, and how low it is in New Zealand as a percentage of the working age population.
Source: OECD Society at a Glance, Table 5.10.
Ireland has a secondary out of work benefit for the unemployed that adds another 8.7% to their welfare rolls in 2010 but it is not in the OECD data table for the above graph.
06 Sep 2015 Leave a comment
in business cycles, economic history, global financial crisis (GFC), great recession, job search and matching, labour economics, labour supply, macroeconomics, unemployment Tags: reversing gender gap
28 Aug 2015 Leave a comment
in discrimination, economics of crime, economics of love and marriage, labour economics, law and economics, politics - New Zealand, population economics, poverty and inequality, unemployment, urban economics, welfare reform Tags: crime and punishment, criminal deterrence, economics of the family, racial discrimination, single mothers, single parents, teen pregnancies
Did Mass Incarceration Destroy the Black Family? Not exactly. bit.ly/1f8jgXm http://t.co/1q2nKJnU9W—
City Journal (@CityJournal) August 13, 2015
20 Aug 2015 Leave a comment
in labour economics, minimum wage, unemployment Tags: College premium, compensating differentials, education premium, evidence-based policy, offsetting behaviour, The fatal conceit, The pretence to knowledge, unintended consequences
https://twitter.com/MiltonFriedmanS/status/630956276554444800/photo/1
#Australia:highest minimum wage in OECD relative to purchasing power. Increases #youthunemployment #auspol #jobsearch http://t.co/HML9l2rD7R—
Bob Day (@senatorbobday) August 11, 2015
17 Aug 2015 Leave a comment
in business cycles, currency unions, economic growth, economic history, Euro crisis, job search and matching, labour economics, labour supply, macroeconomics, occupational choice, unemployment, unions, welfare reform Tags: employment law, equilibrium unemployment, Greece, Italy, labour market regulation, natural unemployment rate, Portugal, Spain, unemployment duration
The boom that preceded the bust in the Greek economy did nothing for the rate of long-term unemployment among Greeks. Long-term unemployment had been pretty stable prior to the economic boom after joining the euro currency union.
Source: OECD StatExtract.
Nothing much happened to long-term unemployment in Italy or Portugal in recent decades. Spanish long-term unemployment fell in line with the economic boom in Spain over the 1980s and 1990s up until the global financial crisis.
16 Aug 2015 Leave a comment
in applied welfare economics, business cycles, constitutional political economy, economic history, job search and matching, labour economics, labour supply, macroeconomics, Public Choice, unemployment Tags: borders, deployment subsidies, economics of borders, equilibrium unemployment rate, Finland, labour market programs, long-term unemployment, maps, natural unemployment rate, Norway, Scandinavia, search and matching, Sweden, unemployment durations
As I recall, most unemployed have been unemployed longer than 12 months in Sweden have to go on a labour market program. When they returned to unemployment after the program, the clock starts again. They are deemed to be freshly unemployed rather than adding to the previous spell with an interlude on a make work program. This makes Swedish long-term unemployment data rather unintelligible.
Source: OECD StatExtract.
Finland was recovering from its worst depression since the 1930s and the early 1990s when its data on long-term unemployment started to be continuous. This makes Finnish unemployment data rather difficult to interpret. Norway’s data for the long-term unemployed goes up and down a bit too much to be trustworthy without a background policy narrative.
14 Aug 2015 Leave a comment
in currency unions, Euro crisis, job search and matching, labour economics, labour supply, macroeconomics, unemployment Tags: British economy, equilibrium unemployment rate, France, Germany, long-term unemployment, natural unemployment rate, social insurance, unemployment duration, unemployment insurance, welfare state
As the British labour market and long-term unemployment was starting to get something like that in the USA, the USA started to have unemployment it was more like the European labour markets in terms of the number of long-term unemployed. Nothing much happened in Germany and France.
Source: OECD StatExtract.
12 Aug 2015 Leave a comment
in business cycles, economic history, Euro crisis, job search and matching, labour economics, macroeconomics, unemployment Tags: employment law, equilibrium unemployment rate, Eurosclerosis, Italy, labour market regulation, natural unemployment rate, unemployment duration
Unemployment of more than a year was slowly tapering down in Italy before the global financial crisis, but ever so slowly.
Source: OECD StatExtract.
11 Aug 2015 Leave a comment
in economic history, Euro crisis, fiscal policy, job search and matching, labour economics, labour supply, macroeconomics, unemployment, welfare reform Tags: equilibrium unemployment rate, Eurosclerosis, German unification, Germany, natural unemployment rate, poverty traps, unemployment duration, unemployment insurance, welfare state
German long term unemployment has been pretty stable albeit with an up-and-down after German unification. There is also a fall in long-term unemployment after some labour market reforms around 2005.
Source: OECD StatExtract.
10 Aug 2015 Leave a comment
in business cycles, human capital, job search and matching, labour economics, labour supply, macroeconomics, politics - New Zealand, unemployment Tags: equilibrium unemployment rate, hysteresis, long-term unemployment, natural unemployment rate, unemployment duration, unemployment rates
There has been bit of a wild ride in long-term unemployment in New Zealand. Long-term unemployment – longer than one year – ranging from just over 8% of unemployment in 1986 to nearly 40% in 1992 then down to 5% in 2008. Clearly the duration of unemployment in New Zealand is highly sensitive to the business cycle unlike the case in the USA or UK.
Source: OECD StatExtract.
This sensitivity of long-term unemployment to the business cycle does not bode well for the hypothesis of hysteresis where human capital depreciates the longer a jobseeker is out of employment. For this hypothesis to hold, there must be some enduring aspect of long-term unemployment rather than just going up and down with the business cycle rather noticeably.
The rival hypothesis to hysteresis is the long-term unemployed tend to be those who have a lot of trouble getting employment, which is why they end up been unemployed for a long time. Again in New Zealand, these less employable jobseekers appear to be able to find jobs quite easily when the labour market is good.
Hysteresis in practice, Delong-Summers Variety @delong @LHSummers http://t.co/urqxQBi6NE—
Roger E. A. Farmer (@farmerrf) July 23, 2015
09 Aug 2015 Leave a comment
in business cycles, economic history, global financial crisis (GFC), job search and matching, labour economics, labour supply, macroeconomics, unemployment Tags: British disease, British economy, equilibrium unemployment rate, Margaret Thatcher, natural unemployment rate, unemployment duration, unemployment rates
In contrast to the USA, there is been a long-term decline in long-term unemployment, that is unemployment of more than a year, in the British economy over the 1990s. The situation then stabilised and then increased after the global financial crisis. There is also a rather rapid fall in long-term unemployment in the mid-1980s as the British economy recovered under Thatchernomics
Source: OECD StatExtract.
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