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Persistent unemployment and co-ordination issues: an evolutionary perspective

Abstract : In this paper we look at unemployment as a phenomenon which reflects the co-ordination problems that characterize out-of-equilibrium processes of adjustment. The analysis carried out shifts the focus from structural factors to the economic process. It shows that unemployment cannot be satisfactorily explained – and policy interventions devised – by focusing only on specific characters of the technology or confining the analysis to structural factors concerning the labour market. The co-ordination mechanisms of adjustment processes rather than the fundamentals of the economy appear, in this light, as the main determinants of differences in unemployment trends in different economies; and monetary policy comes back to the center of the stage as an essential element of the working of these mechanisms.
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Submitted on : Friday, November 12, 2021 - 2:16:30 PM
Last modification on : Tuesday, January 25, 2022 - 3:18:03 PM

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  • HAL Id : hal-03426664, version 1
  • SCIENCESPO : 2441/6545

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Mario Amendola, Jean-Luc Gaffard. Persistent unemployment and co-ordination issues: an evolutionary perspective. Journal of Evolutionary Economics, Springer Verlag (Germany), 2003, 13 (1), pp.1 - 27. ⟨hal-03426664⟩

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