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Preventing Long-term Unemployment: Strategy and Costings (1997)

In: Tackling Unemployment

Author

Listed:
  • Richard Layard

    (London School of Economics and Political Science)

Abstract

No free society has been able to contain inflation without having some unemployment. For wage inflation gets bid up unless employers face a reasonable supply of attractive applicants for their vacancies. But long-term unemployment does not provide such a supply of applicants. The longer people have been unemployed the less attractive they are to employers, as is illustrated dramatically in Figure 15.1. So long-term unemployment fails to control inflation, and at the same time is deeply damaging to the unemployed. It is therefore a total waste, economic and social. Although we now have the same level of vacancies as in 1972, we have eight times more long-term unemployed.

Suggested Citation

  • Richard Layard, 1999. "Preventing Long-term Unemployment: Strategy and Costings (1997)," Palgrave Macmillan Books, in: Tackling Unemployment, chapter 15, pages 338-353, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-37920-6_15
    DOI: 10.1057/9780230379206_15
    as

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