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Side Effects of Progress, How Technological Change Increases the Duration of Unemployment

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  • William J. Baumol
  • Edward N. Wolff

Abstract

Why does a dynamic growing economy have a persistent long-term unemployment problem? Research Associates William J. Baumol and Edward N. Wolff have isolated one cause. Although technological change, the engine of growth and economic progress, may not affect or may even increase the total number of jobs available, the fact that it creates a demand for new skills and makes other skills obsolete can cause an increase in the overall rate of unemployment and the length of time during which an unemployed worker is between jobs. It goes without saying that society will not choose to slow technical innovation, but the task for policy is to find ways to offset the problems caused by this rising level and duration of unemployment.

Suggested Citation

  • William J. Baumol & Edward N. Wolff, "undated". "Side Effects of Progress, How Technological Change Increases the Duration of Unemployment," Economics Public Policy Brief Archive ppb_41, Levy Economics Institute.
    • Handle: RePEc:lev:levppb:ppb_41
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    References listed on IDEAS

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    1. William J. Baumol & Edward N. Wolff, 1998. "Speed of Technical Progress and Length of the Average Interjob Period," Economics Working Paper Archive wp_237, Levy Economics Institute.
    2. Phillips, Llad & Votey, Harold L, Jr & Maxwell, Darold, 1972. "Crime, Youth, and the Labor Market," Journal of Political Economy, University of Chicago Press, vol. 80(3), pages 491-504, May-June.
    3. Chester L. Britt, 1994. "Crime and Unemployment Among Youths in the United States, 1958‐1990," American Journal of Economics and Sociology, Wiley Blackwell, vol. 53(1), pages 99-109, January.
    4. Devine, Theresa J. & Kiefer, Nicolas M., 1991. "Empirical Labor Economics: The Search Approach," OUP Catalogue, Oxford University Press, number 9780195059366.
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