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Labour Market Flexibility

In: Third Way Economics

Author

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  • Philip B. Whyman

Abstract

Acceptance of the existence of a supply-side determined equilibrium rate of unemployment by Third Way economists implies both a rejection of Keynesian macroeconomic policies and a renewed emphasis upon supply-side interventions intended to promote market clearing through reducing imperfections, whilst modifying institutions and policies to promote productivity growth and higher rates of employment consistent with a low rate of inflation. Whereas ‘old monetarism’ perceived market imperfections as being associated with the activity of trade unions, the generosity of social security benefits and labour regulation (i.e. minimum wages, employment protection legislation), for ‘new monetarism’ the market failure is a lack of training and skills (Arestis and Sawyer, 1998: 37). In this scenario, the rate of employment is determined through the interaction of market forces in the labour market, and therefore the attempt to reduce unemployment should be located in this micro-market.

Suggested Citation

  • Philip B. Whyman, 2006. "Labour Market Flexibility," Palgrave Macmillan Books, in: Third Way Economics, chapter 5, pages 112-128, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-51465-2_5
    DOI: 10.1057/9780230514652_5
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    Cited by:

    1. Vadlamannati, Krishna Chaitanya, 2009. "Growth effects of U.S. FDI in 64 developing economies, 1980 – 2007: The role of absoptive capabilities," MPRA Paper 14709, University Library of Munich, Germany.
    2. Antonio Baez‐Morales, 2021. "A panel data analysis of FDI and informal labour markets," Bulletin of Economic Research, Wiley Blackwell, vol. 73(3), pages 346-363, July.
    3. Matthias Busse & José Luis Groizard, 2008. "Foreign Direct Investment, Regulations and Growth," The World Economy, Wiley Blackwell, vol. 31(7), pages 861-886, July.
    4. Antonio Baez, 2014. "“A panel data analysis of FDI and informal labor markets”," IREA Working Papers 201404, University of Barcelona, Research Institute of Applied Economics, revised Feb 2014.
    5. Krishna Chaitanya Vadlamannati & Artur Tamazian, 2009. "Growth effects of FDI in 80 developing economies: the role of policy reforms and institutional constraints," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 12(4), pages 299-322.
    6. Vadlamannati, Krishna Chaitanya, 2009. "Growth effects of foreign direct investment and economic policy reforms in Latin America," MPRA Paper 14133, University Library of Munich, Germany.
    7. Nabamita Dutta & Sanjukta Roy, 2009. "What Attracts Foreign Direct Investment: A Closer Look," Economic Affairs, Wiley Blackwell, vol. 29(3), pages 81-86, September.

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