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Persistent unemployment and co-ordination issues: an evolutionary perspective

Author

Listed:
  • Mario Amendola

    (UNIROMA - Università degli Studi di Roma "La Sapienza" = Sapienza University [Rome])

  • Jean-Luc Gaffard

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

Abstract

In this paper we look at unemployment as a phenomenon which reflects the co-ordination problems that characterize out-of-equilibrium processes of adjustment. The analysis carried out shifts the focus from structural factors to the economic process. It shows that unemployment cannot be satisfactorily explained – and policy interventions devised – by focusing only on specific characters of the technology or confining the analysis to structural factors concerning the labour market. The co-ordination mechanisms of adjustment processes rather than the fundamentals of the economy appear, in this light, as the main determinants of differences in unemployment trends in different economies; and monetary policy comes back to the center of the stage as an essential element of the working of these mechanisms.

Suggested Citation

  • Mario Amendola & Jean-Luc Gaffard, 2003. "Persistent unemployment and co-ordination issues: an evolutionary perspective," SciencePo Working papers Main hal-03426664, HAL.
    • Handle: RePEc:hal:spmain:hal-03426664
    DOI: 10.1007/s00191-003-0141-4
    Note: View the original document on HAL open archive server: https://hal-sciencespo.archives-ouvertes.fr/hal-03426664
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    Cited by:

    1. repec:spo:wpecon:info:hdl:2441/6497 is not listed on IDEAS
    2. Kurt Dopfer, 2011. "Mesoeconomics: A Unified Approach to Systems Complexity and Evolution," Chapters, in: Cristiano Antonelli (ed.), Handbook on the Economic Complexity of Technological Change, chapter 13, Edward Elgar Publishing.
    3. Mario Amendola & Jean-Luc Gaffard & Fabrizio Patriarca, 2017. "Inequality and growth: the perverse relation between the productive and the non-productive assets of the economy," Journal of Evolutionary Economics, Springer, vol. 27(3), pages 531-554, July.
    4. Mario Amendola & Jean-Luc Gaffard & Francesco Saraceno, 2004. "Technological Shocks and the Conduct of Monetary Policy," Revue économique, Presses de Sciences-Po, vol. 55(6), pages 1241-1263.
    5. Jean-Luc Gaffard, 2009. "Innovation, competition, and growth: Schumpeterian ideas within a Hicksian framework," Springer Books, in: Uwe Cantner & Jean-Luc Gaffard & Lionel Nesta (ed.), Schumpeterian Perspectives on Innovation, Competition and Growth, pages 7-23, Springer.
    6. Ulrich Witt & Thomas Brenner, 2008. "Output dynamics, flow equilibria and structural change—A prolegomenon to evolutionary macroeconomics," Journal of Evolutionary Economics, Springer, vol. 18(2), pages 249-260, April.
    7. Jean-Luc Gaffard, 2005. "Le chômage est-il soluble dans des réformes structurelles ?," SciencePo Working papers Main hal-01020609, HAL.
    8. repec:spo:wpecon:info:hdl:2441/6490 is not listed on IDEAS
    9. Michel Aglietta & Vladimir Borgy & Jean Chateau & Michel Juillard & Jacques Le Cacheux & Gilles Le Garrec & Vincent Touzé & Jérôme Creel & Jean-Paul Fitoussi, 2006. "Potential growth in the EU and the global economy: New analytical insights & prospects from ageing and catching-up," Working Papers hal-01072184, HAL.
    10. repec:hal:spmain:info:hdl:2441/6490 is not listed on IDEAS
    11. repec:hal:wpspec:info:hdl:2441/6490 is not listed on IDEAS
    12. repec:spo:wpmain:info:hdl:2441/4423 is not listed on IDEAS
    13. repec:hal:wpspec:info:hdl:2441/6497 is not listed on IDEAS
    14. repec:spo:wpmain:info:hdl:2441/6482 is not listed on IDEAS
    15. repec:hal:wpspec:info:hdl:2441/4423 is not listed on IDEAS
    16. repec:spo:wpmain:info:hdl:2441/6497 is not listed on IDEAS
    17. repec:spo:wpmain:info:hdl:2441/6490 is not listed on IDEAS
    18. repec:hal:spmain:info:hdl:2441/6482 is not listed on IDEAS
    19. Jean-Luc Gaffard, 2003. "Promouvoir la croissance en Europe : vérités et mystifications. Critique du rapport d'A. Sapir présenté à la Commission européenne en juillet 2003 : 'An Agenda for a Growing Europe. Making the EU Econ," SciencePo Working papers Main hal-01019489, HAL.
    20. De-Chih Liu, 2023. "Unemployment persistence with an evolutionary perspective: job creation or destruction (or both)?," Evolutionary and Institutional Economics Review, Springer, vol. 20(1), pages 83-109, April.
    21. repec:spo:wpecon:info:hdl:2441/4423 is not listed on IDEAS
    22. Kurt Dopfer, 2012. "The origins of meso economics," Journal of Evolutionary Economics, Springer, vol. 22(1), pages 133-160, January.
    23. Attar, Andrea & Campioni, Eloisa, 2007. "Credit cycles in a Neo-Austrian economy," Structural Change and Economic Dynamics, Elsevier, vol. 18(2), pages 249-269, June.
    24. repec:hal:spmain:info:hdl:2441/4423 is not listed on IDEAS
    25. repec:hal:spmain:info:hdl:2441/6497 is not listed on IDEAS

    More about this item

    Keywords

    Unemployment; Co-ordination; Out-of-equilibrium adjustments; Monetary policy;
    All these keywords.

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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