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Journal Articles Journal of Evolutionary Economics Year : 2003

Persistent unemployment and co-ordination issues: an evolutionary perspective

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.

Dates and versions

hal-03426664 , version 1 (12-11-2021)

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Mario Amendola, Jean-Luc Gaffard. Persistent unemployment and co-ordination issues: an evolutionary perspective. Journal of Evolutionary Economics, 2003, 13 (1), pp.1 - 27. ⟨10.1007/s00191-003-0141-4⟩. ⟨hal-03426664⟩

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