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The Short Run: The Rise and Decline of Unemployment

In: Restructuring the Malaysian Economy

Author

Listed:
  • Robert E. B. Lucas

    (Boston University)

  • Donald Verry

    (University College London)

Abstract

Unemployed labour is obviously a waste of a potentially valuable resource: during the 1980s, the unemployment rate in Malaysia — combining the actively and passively unemployed — averaged 6.5 per cent and did not fall below 5 per cent. Moreover unemployment was slow to recover from the high point of 8.3 per cent during the recession in 1986. Only in the early 1990s did the unemployment rate finally achieve consistently low rates.

Suggested Citation

  • Robert E. B. Lucas & Donald Verry, 1999. "The Short Run: The Rise and Decline of Unemployment," Palgrave Macmillan Books, in: Restructuring the Malaysian Economy, chapter 0, pages 241-261, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-27451-2_9
    DOI: 10.1007/978-1-349-27451-2_9
    as

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