David K.H. Begg, Gianluigi Vernasca-Economics-McGraw Hill Higher Education (2011)

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23.3 Explaining changes in unemployment this spare capacity and increase output and employment. Wage adjustment could logically accomplish the same outcome, but may take several years to do so. The more sluggish are market forces, the more it makes sense for policy to intervene. Most forms of monetary policy have the consequence that interest rates will adjust to such a situation and help offset the original demand shock. The automatic fiscal stabilizers also act in this direction. In marked contrast, when the economy is already in long-run equilibrium, further demand expansion is pointless. Even though unemployment is not zero, there is no spare capacity. At points E or G in Figure 23.4, all remaining unemployment is voluntary. It is true that, beginning from G, shifting labour demand up from LD' to LD achieves a small reduction in equilibrium unemployment. The distance BF is smaller than GH because the AJ and LP schedules are not parallel to one another. However the main effect of raising demand is to bid up wages, not to increase output or employment. Hence, when the economy begins with only voluntary unemployment, reductions in unemployment and increases in output are mainly accomplished not by demand policies but by supply-side policies. These policies either shift the supply schedules AJ and LF or they reduce distortions that prevented the economy getting to points like E or G. The next section presents some evidence on the relative magnitude of unemployment responses to demand and supply, and then analyses these supply-side policies in more detail. Explaining changes in unemployment Empirical research aims to decompose causes of unemployment into those that changed equilibrium and those that caused demand-deficient unemployment. Figure 23.5 compares the actual unemployment rate -+- Actual - Equilibium °' 00 (") 0 ,....._ LO '° ,....._ 00 00 I I I I I '° 0 °' ""'" LO '° '° ,....._ 00 °' °' °' °' °' 0 LO °' °' I I 00 00 °' °' °' °' °' I '° °' °' ,....._ 0 I 0 0 0 N °' 0 I 00 0 0 N Figure 23.S UK unemployment, 1956-2009 {0/o annual average) Sources: Layard, R., Nickell, S. and Jackman, R. (1991) Unemployment, Oxford University Press; Nickell, S. (1996) Inflation and the UK Labour Market, in T. Jenkinson (ed.), Readings in Macroeconomics, Oxford University Press; authors' estimates. 535
CHAPTER 23 Unemployment with estimates of the equilibrium unemployment rate from 1956 to 2009. Averaging data within sub-periods reduces the influence of short-term fluctuations. Until the 1970s demand management maintained aggregate demand in line with aggregate supply in the output market. Hence, in the labour market actual and equilibrium unemployment pretty much coincided. As unemployment then rose throughout the 1970s, people initially assumed that this must be due to deficient demand. In retrospect, we know that the diagnosis was wrong - it was really the supply side that was deteriorating. Equilibrium unemployment was increasing steadily. Misreading the situation, governments tried boosting demand to eliminate spare capacity. Since they had no spare capacity, instead they stoked up inflation. When Mrs Thatcher came to power in 1979 the Conservative government reduced aggregate demand to try to tackle inflation, and embarked on supply-side reform to reduce equilibrium unemployment. Figure 23.5 shows that demand-deficient unemployment rose sharply when aggregate demand was first reduced, whereas it took longer to obtain reductions in equilibrium unemployment. Nevertheless, the rise in equilibrium unemployment was slowly reversed. The government became overconfident in its success, allowing aggregate demand to increase sharply during the 'Lawson boom' of the late 1980s. Figure 23.5 shows that actual unemployment had fallen below equilibrium unemployment as the economy overheated and inflation picked up again. The 1990s saw the restoration of balance between demand and supply, and the continuing benefits of supply-side reform. By the late 1990s the UK was enjoying a period of low inflation, low unemployment and considerable stability. Figure 23.5 shows that actual and equilibrium unemployment were close together until the financial crash, after which aggregate demand plummeted and a new gap has emerged between actual and equilibrium unemployment. Figure 23.5 confirms three periods in which involuntary unemployment became important - the Thatcher squeeze in the early 1980s, the Major squeeze in the early 1990s, and the aftermath of the financial crash. In the first two examples, sharp reductions in demand were the result of policies to combat inflation. However, the main message of Figure 23.5 is that longer-term trends in unemployment have been largely caused by supply-side changes and their consequences for equilibrium unemployment. Supply-side economics is the use of microeconomic incentives to alter the level of full employment, the level of potential output and equilibrium unemployment. Mismatch occurs if the skills that firms demand differ from the skills the labour force possesses. Supply-side factors Keynesians believe that the economy can deviate from full employment for quite a long time, certainly for several years. Monetarists believe that the classical fullemployment model is relevant much more quickly. Everyone agrees that, long run, the performance is changed only by affecting the level of full employment and the corresponding level of potential output. We now discuss four reasons why equilibrium unemployment rose and then fell during 1970-2010. First, increasing skill mismatch raised equilibrium unemployment after 1970. Recent research emphasizes that the labour market is not very good at processing workers as they step out of one job and hope to step into another. The larger is mismatch, the harder the task is to perform, and the more likely it is that people get stuck in unemployment. When firms no longer want the skills possessed by the existing workforce, the labour demand curve LD shifts leftwards to LD' in Figure 23.6, leading to a lower equilibrium real wage, and an increase in equilibrium unemployment from AB to CD. A rise in mismatch explained some of the rise in unemployment in the 1970s and 1980s. 536
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• David Begg, Gianluigi Vernasca,
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Economics 10th Edition David Begg,
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Brief Table of Contents Preface xii
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5 Consumer choice and demand decisi
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PART FOUR Macroeconomics l 5 Introd
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PART FIVE The world economy 28 Inte
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Changes to the tenth edition After
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Guided tour In addition to illustra
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Aiding Understanding Hy the end of
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Rent ceiling in Sweden* More on pri
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13 General vs partial equilibrium:
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26 Growth and competition* Case Neo
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Cl INSTRUCTORS ... Would you like y
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Additional technology to enhance le
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Custom Publishing Solutions • cre
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Acknowledgements for the tenth edit
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Finally, special thanks to the foll
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---.. . - Introduction Economics is
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CHAPTER 1 Economics and the economy
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Learning Outcomes By the end of thi
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CHAPTER 2 Tools of economic analysi
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CHAPTER 3 Demand, supply and the ma
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4.1 The price responsiveness of dem
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4.2 Price, quantity demanded and to
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4.2 Price, quantity demanded and to
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4.4 Short run and long run simultan
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4.6 The effect of income on demand
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4.6 The effect of income on demand
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4.8 Elasticity of supply The elasti
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4.9 Who really pays the tax? S' - G
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Summary What are the effects of the
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Review questions 5 Common fallacies
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5.1 Demand by a single consumer is
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5.1 Demand by a single consumer Ill
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5.1 Demand by a single consumer QF
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5.1 Demand by a single consumer whe
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5.1 Demand by a single consumer How
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5.2 Adjustment to income changes ou
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5.3 Adjustment to price changes and
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5.3 Adjustment to price changes Thi
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5.3 Adjustment to price changes imp
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5.3 Adjustment to price changes Q '
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5.5 Complements and substitutes it
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5.6 Transfers in kind that to the s
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Review questions • The market dem
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Our theory of consumer choice assum
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APPENDIX Consumer choice with measu
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6.2 A firm's accounts A sole trader
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6.2 A firm's accounts Inventories I
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6.2 A firm's accounts Earnings When
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6.4 Corporate finance and corporate
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6.5 The firm's supply decision Tabl
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6.6 Marginal cost and marginal reve
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6. 7 Marginal cost and marginal rev
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Review questions in total cost when
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7.2 Production in the short run: di
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7.2 Production in the short run: di
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7.3 Short-run costs As you can see
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7.3 Short-run costs 60 50 SMC - 40
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7.3 Short-run costs down average co
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7.4 A firm's output decision in the
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7.6 Long-run total, marginal and av
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7. 7 Returns to scale - "O 0 DI ..
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7. 7 Returns to scale Scale economi
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7. 7 Returns to scale Table 7.10 Mi
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--1-----1 7.8 The firm's long-run o
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Summary Summary • This chapter di
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Review questions 8 Suppose that fir
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8.1 Perfect competition Perfect com
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8.2 A perfectly competitive firm's
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8.2 A perfectly competitive firm's
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8.3 Industry supply curves In the s
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8.4 Comparative statics for a compe
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.. 8.6 Profit-maximizing output for
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8.6 Profit-maximizing output for a
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8. 7 Output and price under monopol
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8. 7 Output and price under monopol
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8.8 A monopoly has no supply curve
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8.9 Monopoly and technical change f
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8.10 Natural monopoly 'ti QI 0 :I P
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Review questions • Adding at each
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9 .1 Why market structures differ D
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9 .1 Why market structures differ T
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9.3 Oligopoly and interdependence A
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9.3 Oligopoly and interdependence T
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9.4 Game theory and interdependent
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9.5 Reaction functions demand curve
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9.5 Reaction functions Deriving the
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9.5 Reaction functions Mergers and
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9.5 Reaction functions The Stackelb
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9.7 Strategic entry deterrence Inno
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9.8 Summing up Barriers at the chec
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Review questions Review questions c
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I 0.1 The firm's demand for factors
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10.2 The firm's demand for labour i
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10.3 The industry demand curve for
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10.4 The supply of labour Table 10.
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10.4 The supply of labour A reducti
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10.5 Industry labour market equilib
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10.5 Industry labour market equilib
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10.6 Transfer earnings and economic
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10. 7 Do labour markets clear? Mini
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10. 7 Do labour markets clear? How
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10.8 UK wages and employment Table
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Summary reducing demand for both fa
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Review questions In a graph with th
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APPENDIX Isoquants and the choice o
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11.2 Rentals, interest rates and as
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11.3 Saving, investment and the rea
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11. 5 The supply of capital service
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11.6 Equilibrium and adjustment in
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11.8 Land and rents supply of skill
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11.9 Income distribution in the UK
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Summary of average earnings. As liv
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Review questions the quantity of ca
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12.l Individual attitudes to risk S
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12.2 Insurance and risk Life assura
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12.3 Asymmetric information The uti
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12.3 Asymmetric information Executi
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12.4 Uncertainty and asset returns
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12.5 Portfolio selection We use the
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12.5 Portfolio selection Conversely
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12.6 Efficient asset markets Beta i
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12.6 Efficient asset markets II Beh
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12. 7 More on risk You own a copper
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12.8 E-products 100 80 60 - - - - -
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12.8 E-products If Britain had to s
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Summary Britannica shelved Serious
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Review questions 4 You set up a fir
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Welfa re economics Normative or wel
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CHAPTER 13 Welfare economics Welfar
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CHAPTER 13 Welfare economics Perfec
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CHAPTER 13 Welfare economics margin
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CHAPTER 13 Welfare economics II) E
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CHAPTER 13 Welfare economics have c
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CHAPTER 13 Welfare economics DD Wit
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CHAPTER 13 Welfare economics .. ;
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CHAPTER 13 Welfare economics 0 Firm
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CHAPTER 13 Welfare economics Was th
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CHAPTER 13 Welfare economics 0 u -
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CHAPTER 13 Welfare economics benefi
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CHAPTER 13 Welfare economics P' "i
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CHAPTER 13 Welfare economics • Di
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CHAPTER 13 Welfare economics Q MPC
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CHAPTER 14 Government spending and
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15.2 Some facts Annual real output
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15.3 An overview Since profits are
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15.4 National income accounting
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15.4 National income accounting Sav
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15.4 National income accounting phy
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15.4 National income accounting Hou
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15.5 What GNP measures Table l 5.3
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15.5 What GNP measures Table 15.4 N
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15.6 International comparisons Citi
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Review questions Review questions c
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16. l Components of aggregate deman
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16.2 Aggregate demand S =-A + (1 -
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16.3 Equilibrium output C'I ·- c -
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16.4 Another approach: planned savi
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16. 5 A fall in aggregate demand A
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16.7 The paradox of thrift Table 16
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16.8 The role of confidence The cha
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Review questions 2 Suppose the MPC
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17 .2 Government and aggregate dema
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17.4 Deficits and the fiscal stance
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17.5 Automatic stabilizers and disc
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17 .6 The national debt and the def
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17. 7 Foreign trade and income dete
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17. 7 Foreign trade and income dete
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Summary and employment. In Figure 1
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Review questions 2 The government s
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18. 1 Money and its functions The m
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18.2 Modern banking M_o_d_er_n_ha
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18.3 How banks create money How did
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18.4 Financial crises However, ther
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18.4 Financial crises UK bank inter
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18.5 The traditional theory of mone
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18.6 UK money supply after the 2006
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18. 7 The demand for money flow and
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18. 7 The demand for money Table 18
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Review questions • Financial dere
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19.2 Traditional means of monetary
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19 .3 Lender of last resort Second,
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19.4 Equilibrium in financial marke
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19.5 Monetary control However, more
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19.5 Monetary control UK quantitati
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19. 7 The transmission mechanism AD
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19. 7 The transmission mechanism Wh
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19. 7 The transmission mechanism In
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19. 7 The transmission mechanism He
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Review questions • A higher inter
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20.2 The IS-LM model T_he_IS_-_L_
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20.2 The IS-LM model Until 2008 mon
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20.3 The IS-LM model in action Fisc
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20.4 Shocks to money demand Hence,
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20.5 The policy mix IS schedule, IS
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20.6 The effect of future taxes Que
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Summary helped explain positive UK
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Review questions IS-LM diagram, rec
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21. l Inflation and aggregate deman
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21.2 Aggregate supply demand. The A
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Page 528 and 529: 21.6 The adjustment process The eco
Page 530 and 531: 21. 7 Sluggish adjustment to shocks
Page 532 and 533: 21.8 Trade-offs in monetary objecti
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Page 536 and 537: Review questions • In practice, w
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Page 540 and 541: 22. l Money and inflation rises wit
Page 542 and 543: 22.2 Inflation and interest rates N
Page 544 and 545: 22.3 Inflation, money and deficits
Page 546 and 547: 22.4 Inflation, unemployment and ou
Page 552 and 553: 22.5 The costs of inflation find th
Page 554 and 555: 22.5 The costs of inflation You los
Page 556 and 557: 22.6 Controlling inflation Without
Page 558 and 559: 22. 7 The Monetary Policy Committee
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Page 562 and 563: Review questions Money growth (%) I
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Page 568 and 569: 23.2 Analysing unemployment The fig
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Page 574 and 575: 23.3 Explaining changes in unemploy
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Page 578 and 579: 23.4 Cyclical fluctuations in unemp
Page 580 and 581: 23.5 The cost of unemployment Count
Page 582 and 583: 23.5 The cost of unemployment in th
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Page 588 and 589: 24.1 The foreign exchange market do
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Page 592 and 593: 24.3 The balance of payments statis
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Page 596 and 597: 24.6 The financial account Table 24
Page 598 and 599: 24.6 The financial account This sec
Page 600 and 601: 24. 7 Internal and external balance
Page 602 and 603: 24.8 The long-run equilibrium real
Page 604 and 605: Summary This figure is helpful in t
Page 606 and 607: Review questions Review questions c
Page 610 and 611: 25. l Fixed exchange rates So far,
Page 612 and 613: 25. l Fixed exchange rates Gordon B
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Page 616 and 617: 25.3 Devaluation 1 .., Devaluation
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25.5 Monetary and fiscal policy und
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25.5 Monetary and fiscal policy und
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Summary Summary • With a fixed ex
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Review questions 11 The following t
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26. 1 Economic growth Table 26.1 Re
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26.2 Growth: an overview In the lon
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26.3 Technical knowledge Learning b
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26.4 Growth and accumulation increa
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26.5 Growth through technical progr
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26.6 Growth in the OECD II : e!p ;:
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26.6 Growth in the OECD Within the
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26.6 Growth in the OECD Annual real
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26.8 The costs of growth rate g? If
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Review questions • Potential outp
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2 7 .1 Trend and cycle: statistics
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27.2 Theories of the business cycle
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27.2 Theories of the business cycle
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.. 27.2 Theories of the business cy
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27 .3 Real business cycles provides
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27.4 Towards a consensus: supply-si
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27.5 An international business cycl
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Review questions • Some swings in
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The world economy Part Five focuses
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CHAPTER 28 International trade Is t
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CHAPTER 28 International trade Tabl
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CHAPTER 28 International trade The
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CHAPTER 28 International trade Comp
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CHAPTER 28 International trade Conv
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CHAPTER 28 International trade Fanc
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CHAPTER 28 International trade The
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CHAPTER 28 International trade High
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CHAPTER 28 International trade thei
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CHAPTER 28 International trade Of c
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CHAPTER 28 International trade Conc
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CHAPTER 28 International trade SS
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CHAPTER 28 International trade 7 Wh
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CHAPTER 29 Exchange rate regimes Ta
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CHAPTER 29 Exchange rate regimes co
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CHAPTER 29 Exchange rate regimes re
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CHAPTER 29 Exchange rate regimes 0.
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CHAPTER 29 Exchange rate regimes It
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CHAPTER 29 Exchange rate regimes Ta
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CHAPTER 29 Exchange rate regimes 0
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CHAPTER 29 Exchange rate regimes th
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CHAPTER 29 Exchange rate regimes
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Activity 1.1 (a) (b) Activity 2.1 (
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Answers to activity questions Activ
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Answers to activity questions Activ
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Absolute advantage an individual, c
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Glossary Demand for money a demand
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Glossary Gross domestic product (GD
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Glossary Marginal product the margi
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Glossary Percentage change the abso
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Glossary Sole trader a business own
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A absolute advantage 11-12 internat
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Index commodity composition of trad
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Index elasticity of supply 82-4 ele
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Index happiness 594 new products 59
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Index Laffer curve supply-side econ
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Index exports 369 foreign countries
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Index reading diagrams 34-5 real bu
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Index future taxes effect 475-7 gov
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David K.H. Begg, Gianluigi Vernasca-Economics-McGraw Hill Higher Education (2011)

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