By Martin Neil Baily
ISBN-10: 0881323438
ISBN-13: 9780881323436
ISBN-10: 1435616413
ISBN-13: 9781435616417
Europe grew swiftly for a few years, yet now, confronted with larger demanding situations, a number of of the massive economies in Europe have both did not generate sufficient jobs or have did not in achieving the top degrees of productiveness or either. This research explores why Europe's progress slowed, what contribution details expertise makes to progress, and what regulations may possibly facilitate financial transformation. It emphasizes a approach with robust paintings incentives and a excessive point of aggressive depth. Europe does not have to put off its protections for people, the authors finish, yet either social courses and guidelines towards enterprise needs to be reoriented in order that they inspire financial switch.
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Additional resources for Transforming the European Economy
Sample text
Any economic system would have difficulty adjusting to these structural shifts, and the 1970s and 1980s were difficult times for all the industrial countries. Many European economies found it particularly difficult to make the adjustments needed to limit or reverse the slowdown in productivity growth and to avoid an erosion of the employment base. In this chapter and chapter 3 we will look at the reasons why. As part of this discussion, a simple model is developed that shows that when wage rates are not set by market forces and when social insurance programs are too generous or poorly designed, then an unstable employment dynamic may develop.
But perhaps most importantly, it gets the basic story right. 2 is drawn from Denison (1967) and shows the contributions to the growth of national income per employee from a variety of sources for France, West Germany, Italy, Britain, and the United States. The top line indicates the overall productivity growth rate and the subsequent lines show the contributions to that total. 6 Denison concludes that most of the increase in national income per employee within each country does not come from input growth—rather it comes from growth in output per unit of input.
If market forces set wage rates in Europe, as largely was the case in the United States, this shift would have increased the wage gap between high- and low-wage workers. Instead, institutionally set wage rates for low-skilled jobs were kept above market levels, causing low-skilled job loss. Any economic system would have difficulty adjusting to these structural shifts, and the 1970s and 1980s were difficult times for all the industrial countries. Many European economies found it particularly difficult to make the adjustments needed to limit or reverse the slowdown in productivity growth and to avoid an erosion of the employment base.
Transforming the European Economy by Martin Neil Baily
by James
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