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Persistent unemployment and co-ordination issues: an evolutionary perspective

Author

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  • Marie Amendola
  • Jean-Luc Gaffard

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.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Marie Amendola & Jean-Luc Gaffard, 2003. "Persistent unemployment and co-ordination issues: an evolutionary perspective," Journal of Evolutionary Economics, Springer, vol. 13(1), pages 1-27, February.
    • Handle: RePEc:spr:joevec:v:13:y:2003:i:1:p:1-27
    DOI: 10.1007/s00191-003-0141-4
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    Citations

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    Cited by:

    1. Jean-Luc Gaffard, 2005. "Le chômage est-il soluble dans des réformes structurelles ?," SciencePo Working papers Main hal-01020609, HAL.
    2. repec:spo:wpecon:info:hdl:2441/6497 is not listed on IDEAS
    3. Mario Amendola & Jean-Luc Gaffard & Francesco Saraceno, 2004. "Technological Shocks and the Conduct of Monetary Policy," Revue économique, Presses de Sciences-Po, vol. 55(6), pages 1241-1263.
    4. Michel Aglietta & Vladimir Borgy & Jean Chateau & Michel Juillard & Jacques Le Cacheux & Gilles Le Garrec & Vincent Touzé & Jérôme Creel & Jean-Paul Fitoussi, 2006. "Potential growth in the EU and the global economy: New analytical insights & prospects from ageing and catching-up," Working Papers hal-01072184, HAL.
    5. Jean-Luc Gaffard, 2009. "Innovation, competition, and growth: Schumpeterian ideas within a Hicksian framework," Springer Books, in: Uwe Cantner & Jean-Luc Gaffard & Lionel Nesta (ed.), Schumpeterian Perspectives on Innovation, Competition and Growth, pages 7-23, Springer.
    6. Mario Amendola & Jean-Luc Gaffard & Fabrizio Patriarca, 2017. "Inequality and growth: the perverse relation between the productive and the non-productive assets of the economy," Journal of Evolutionary Economics, Springer, vol. 27(3), pages 531-554, July.
    7. De-Chih Liu, 2023. "Unemployment persistence with an evolutionary perspective: job creation or destruction (or both)?," Evolutionary and Institutional Economics Review, Springer, vol. 20(1), pages 83-109, April.
    8. repec:spo:wpecon:info:hdl:2441/4423 is not listed on IDEAS
    9. repec:hal:spmain:info:hdl:2441/6497 is not listed on IDEAS
    10. Kurt Dopfer, 2011. "Mesoeconomics: A Unified Approach to Systems Complexity and Evolution," Chapters, in: Cristiano Antonelli (ed.), Handbook on the Economic Complexity of Technological Change, chapter 13, Edward Elgar Publishing.
    11. repec:spo:wpmain:info:hdl:2441/4423 is not listed on IDEAS
    12. repec:hal:wpspec:info:hdl:2441/4423 is not listed on IDEAS
    13. repec:hal:spmain:info:hdl:2441/6482 is not listed on IDEAS
    14. repec:spo:wpmain:info:hdl:2441/6497 is not listed on IDEAS
    15. Kurt Dopfer, 2012. "The origins of meso economics," Journal of Evolutionary Economics, Springer, vol. 22(1), pages 133-160, January.
    16. Jean-Luc Gaffard, 2003. "Promouvoir la croissance en Europe : vérités et mystifications. Critique du rapport d'A. Sapir présenté à la Commission européenne en juillet 2003 : 'An Agenda for a Growing Europe. Making the EU Econ," Post-Print hal-01019489, HAL.
    17. Ulrich Witt & Thomas Brenner, 2008. "Output dynamics, flow equilibria and structural change—A prolegomenon to evolutionary macroeconomics," Journal of Evolutionary Economics, Springer, vol. 18(2), pages 249-260, April.
    18. repec:hal:wpspec:info:hdl:2441/6490 is not listed on IDEAS
    19. repec:spo:wpecon:info:hdl:2441/6490 is not listed on IDEAS
    20. repec:hal:spmain:info:hdl:2441/6490 is not listed on IDEAS
    21. repec:spo:wpmain:info:hdl:2441/6482 is not listed on IDEAS
    22. Attar, Andrea & Campioni, Eloisa, 2007. "Credit cycles in a Neo-Austrian economy," Structural Change and Economic Dynamics, Elsevier, vol. 18(2), pages 249-269, June.
    23. repec:hal:spmain:info:hdl:2441/4423 is not listed on IDEAS
    24. repec:hal:wpspec:info:hdl:2441/6497 is not listed on IDEAS
    25. repec:spo:wpmain:info:hdl:2441/6490 is not listed on IDEAS

    More about this item

    Keywords

    Key words: Unemployment – Co-ordination – Out-of-equilibrium adjustments – Monetary policy; JEL Classification: E24; E58;
    All these keywords.

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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