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The Rise Of Unemployment In Europe |
Engelbert Stockhammer, Kingston University, UK
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‘Engelbert Stockhammer effectively punctures the myth that high unemployment in Europe is mainly the result of rigid labour market institutions and generous social policies. The author revives a Keynesian perspective by using innovative theoretical models and careful statistical analysis to show that Europe’s high unemployment rates have been caused mainly by depressed aggregate demand (especially reduced capital investment) rather than by labour market rigidities or high real wages. He argues that the root causes of Europe’s high unemployment are found in its liberalized financial system and restrictive macroeconomic policies, and he suggests a new policy approach that could address Europe’s most pressing social problem.’
– Robert A. Blecker, American University, US
‘This book provides a long-awaited extension of the Kaleckian growth model, by explicitly considering the evolution of the rate of unemployment. The author provides a neat framework that compares the features and implications of the New Keynesian NAIRU model with those of the closely related post Keynesian theory of conflict inflation. He shows that the long-run rate of unemployment in the post Keynesian approach always depends on effective demand, in contrast to what occurs in the standard NAIRU approach, where it only depends on supply-side factors such as rigid labour markets. The framework is also used to provide empirical tests of the two major explanations of the rise of unemployment in Europe. Engelbert Stockhammer presents highly useful theoretical tools and empirical arguments for those who wish to object to “conventional wisdom” on labour and employment issues and policies. He gets us one step closer towards a synthesis of various heterodox traditions, linking in particular the Keynesian and the Marxist strands.’
– Marc Lavoie, University of Ottawa, Canada
Keynesian economists have continually highlighted the crucial role of effective demand and capital investment in determining the level of unemployment. However, this vital insight has been conspicuous by its absence in recent mainstream debates on the causes of the rise of unemployment in Europe.
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Contents: 1. The Rise of Unemployment in Europe: A Synopsis 2. Profits and Unemployment: Is There an Equilibrium Rate of Unemployment in the Long Run? 3. The NAIRU Theory, the NAIRU Story and Keynesian Approaches 4. Explaining the Rise in European Unemployment: An Evaluation of the NAIRU Story and a Keynesian Approach 5. Financialization, Shareholder Value and the Theory of the Firm: Financialization and Management Priorities 6. Financialization and the Slowdown of Capital Accumulation 7. Policy Conclusions References Index
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This book is part of the New Directions in Modern Economics series. To view the rest of the series, please use the link.
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