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Okun’s Law, Employment Paradox and Impact of Unemployment on the Economy of the USSR and Russia

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  • BLINOV, Sergey

Abstract

For effective economic growth, intentional “creation” of unemployment is required to be followed up by its «elimination». From Okun’s law one can infer an interesting corollary: growing unemployment without reducing GDP increases the economy’s potential. This corollary can be proved theoretically (unlike Okun’s law which is an empirical law). There were two causes of the USSR’s economic slowdown on the eve of its breakup. One of them was a shortage of labor which is identical to lack of unemployment. However strange it may seem, but the economic problems of modern Russia have the same root cause.

Suggested Citation

  • BLINOV, Sergey, 2014. "Okun’s Law, Employment Paradox and Impact of Unemployment on the Economy of the USSR and Russia," MPRA Paper 55220, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:55220
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    File URL: https://mpra.ub.uni-muenchen.de/55220/1/MPRA_paper_55220.pdf
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    References listed on IDEAS

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    1. BLINOV, Sergey, 2013. "Time Is Money. Theory of Value Depreciation," MPRA Paper 51902, University Library of Munich, Germany.
    2. BLINOV, Sergey, 2014. "Causes of the British Industrial Revolution," MPRA Paper 53642, University Library of Munich, Germany.
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    Cited by:

    1. Jamaladeen Abubakar & Ibrahim Nurudeen, 2019. "Economic Growth in India, Is It a Jobless Growth? An Empirical Examination Using Okun’s Law," The Indian Journal of Labour Economics, Springer;The Indian Society of Labour Economics (ISLE), vol. 62(2), pages 307-317, June.

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    More about this item

    Keywords

    employment; Okun’s law; economic growth; productivity;
    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
    • J01 - Labor and Demographic Economics - - General - - - Labor Economics: General
    • J08 - Labor and Demographic Economics - - General - - - Labor Economics Policies
    • N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-

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