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Emerging Labour Markets

In: The Successes and Failures of Economic Transition

Author

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  • Hubert Gabrisch
  • Jens Hölscher

Abstract

Chapter 5 provides an overview on the impact of transition on labour markets. It starts with some indicators describing the liberalization of labour relations. It then directs the focus on to the unemployment problem during and, possibly after, transition. The chapter introduces a model that describes the conditions for an initial rise and later fall of unemployment due to an optimal speed of restructuring the state-owned sector: the model of the optimal speed of transition (OST). Two macroeconomic concepts are used to indirectly assess the relation between market rigidities and unemployment — the Beveridge curve and Okun’s law. Both concepts suggest that the present high unemployment in countries should no longer be understood as a transitional problem or a problem of too rigid markets. It is rather a matter of too little economic growth.

Suggested Citation

  • Hubert Gabrisch & Jens Hölscher, 2006. "Emerging Labour Markets," Palgrave Macmillan Books, in: The Successes and Failures of Economic Transition, chapter 5, pages 79-94, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-62658-4_6
    DOI: 10.1057/9780230626584_6
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