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For 25 years, theory about the causes of, and possible solutions to, the problem of unemployment has been dominated by Phelps' and Friedman's natural rate of unemployment hypothesis. This postulates that the equilibrium rate of unemployment consistent with steady inflation is determined by structural variables: sustainable reductions in unemployment can be achieved only by measures to change underlying microeconomic structures, such as benefit and pay bargaining systems. Belief in the hypothesis has faltered since the 1980s, the hypothesis being unable to explain the dramatic upward shifts in European unemployment rates. These essays reflect upon the fundamental structures underlying the hypothesis, assess the related evidence, and look forwards, suggesting possible modifications. In contrast to the single rate postulated by the natural rate hypothesis, several of the contributors propose that there are ranges of unemployment rates consistent with steady inflation.

Macroeconomics --- Labour market --- Unemployment --- Chômage --- Effect of inflation on --- Effet de l'inflation sur --- Effect of inflation on. --- 331.56 --- AA / International- internationaal --- 330.00 --- 332.630 --- -331.1372 --- Joblessness --- Employment (Economic theory) --- Full employment policies --- Labor supply --- Manpower policy --- Right to labor --- Underemployment --- Werkloosheid. Arbeidsreserve --- Economische en sociale theorieën: algemeenheden. --- Strijd tegen de werkloosheid: algemeen. Theorie en beleid van de werkgelegenheid. Volledige werkgelegenheid. --- Unemployment. --- 331.56 Werkloosheid. Arbeidsreserve --- Chômage --- 331.1372 --- Inflation (Finance) and unemployment --- Stagflation --- Inflation (Finance) --- Stagnation (Economics) --- Economische en sociale theorieën: algemeenheden --- Strijd tegen de werkloosheid: algemeen. Theorie en beleid van de werkgelegenheid. Volledige werkgelegenheid --- Business, Economy and Management --- Economics --- Unemployment - Effect of inflation on

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This 1991 book is a selection of Jacques Drèze's work over the last decade on the topics of lasting unemployment, stagflation and unused capacity. At the theoretical level, the author has contributed to the formulation and analysis of general equilibrium models which allow for price rigidities and excess supply and lend themselves to econometric implementation, thus represents an attempt to integrate micro- and macroeconomics, and to use theory for empirical and policy purposes.

Economics --- Unemployment --- Equilibrium (Economics) --- Prices --- Chômage --- Equilibre (Economie politique) --- Prix --- Mathematical models. --- Modèles mathématiques --- underemployment --- equilibria (economics) --- mathematical models --- Mathematical models --- 331.56 --- -Prices --- -Unemployment --- -marche du travail --- modeles economiques --- politique economique --- theories economiques --- AA / International- internationaal --- EEC / European Union - EU -Europese Unie - Union Européenne - UE --- BE / Belgium - België - Belgique --- 332.810 --- 305.94 --- 305.95 --- 333.845 --- 332.630 --- 332.621.4 --- 332.811 --- 332.620 --- Joblessness --- Employment (Economic theory) --- Full employment policies --- Labor supply --- Manpower policy --- Right to labor --- Underemployment --- Commercial products --- Commodity prices --- Justum pretium --- Price theory --- Consumption (Economics) --- Cost --- Costs, Industrial --- Money --- Cost and standard of living --- Supply and demand --- Value --- Wages --- Willingness to pay --- Werkloosheid. Arbeidsreserve --- arbeidsmarkt --- economische modellen --- economisch beleid --- economische theorieen --- Arbeidsduur: algemeen. --- Econometrie van de arbeidsmarkt, de werkgelegenheid en de werkloosheid. --- Econometrie van de lonen en de prijzen (inflatie). --- Stagflatie. --- Strijd tegen de werkloosheid: algemeen. Theorie en beleid van de werkgelegenheid. Volledige werkgelegenheid. --- Structurele werkloosheid. --- Wekelijkse en dagelijkse arbeidsduur. Deeltijdse arbeid. Flexibiliteit van de arbeid. --- Werkloosheid: algemeenheden. Philipscurve. --- 331.56 Werkloosheid. Arbeidsreserve --- Chômage --- Modèles mathématiques --- marche du travail --- Econometrie van de arbeidsmarkt, de werkgelegenheid en de werkloosheid --- Econometrie van de lonen en de prijzen (inflatie) --- Werkloosheid: algemeenheden. Philipscurve --- Structurele werkloosheid --- Strijd tegen de werkloosheid: algemeen. Theorie en beleid van de werkgelegenheid. Volledige werkgelegenheid --- Arbeidsduur: algemeen --- Wekelijkse en dagelijkse arbeidsduur. Deeltijdse arbeid. Flexibiliteit van de arbeid --- Stagflatie --- Unemployment - Mathematical models. --- Equilibrium (Economics) - Mathematical models. --- Prices - Mathematical models. --- Business, Economy and Management --- underemployment - mathematical models --- equilibria (economics) - mathematical models --- Prices - Mathematical models --- CHOMAGE --- MODELE MATHEMATIQUE --- SOUS EMPLOI --- EQUILIBRE GENERAL