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Introduction

In: Long-Term Unemployment: An International Perspective

Author

Listed:
  • Kenneth Walsh

    (University of Sussex)

Abstract

Maintaining a low level of unemployment has been a basic tenet of macro-economic policy in all the developed economies for some considerable time. In the post-Second World War period and right up until the 1970s, economists talked and wrote about a ‘normal’ rate of unemployment below which it would be difficult (and largely undesirable) to fall. This rate was commonly put at around 2 or 3 per cent, regarded as optimal in a dynamic economy. It was seen essentially as the ‘frictional’ component of unemployment which represents the proportion of the labour force simply between jobs. Consequently, if a person became unemployed, then it would only be a matter of time, usually quite short, before that person found alternative employment thus restoring the situation.

Suggested Citation

  • Kenneth Walsh, 1987. "Introduction," Palgrave Macmillan Books, in: Long-Term Unemployment: An International Perspective, chapter 1, pages 1-9, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-07701-4_1
    DOI: 10.1007/978-1-349-07701-4_1
    as

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