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Barriers to European growth : a transatlantic view / Robert Z. Lawrence, Charles L. Schultze, editors.

Contributor(s): Lawrence, Robert Z, 1949- | Schultze, Charles L | Brookings Institution.
Material type: TextTextPublisher: Washington, D.C. : Brookings Institution, c1987Description: xvii, 619 p. : ill. ; 24 cm.ISBN: 0815777701; 9780815777700; 0815777698 (pbk.); 9780815777694 (pbk.).Subject(s): Europe -- Economic conditions -- 1945- -- Congresses | Europe -- Economic policy -- CongressesAdditional physical formats: Online version:: Barriers to European growth.DDC classification: 338.94 Other classification: 83.33
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Item type Current location Call number Status Date due Barcode
Book University of Texas At Tyler
Stacks - 3rd Floor
HC240 .B297 1987 (Browse shelf) Available 0000000459339

Papers presented at a conference held at Brookings in October 1986.

Includes bibliographical references and indexes.

Reviews provided by Syndetics


Highly qualified contributors from two continents attempt to explain the barriers to European growth since 1970. The editors have done a magnificent job of editing and summarizing the material. Slow growth is reflected primarily by persistent high rates of unemployment. Four main groups of explanations are analyzed: shifts in structural growth patterns; effects of the ``welfare state''; inappropriate prices in the aggregate supply functions; and exogenous shocks affecting macroeconomic policies. In their summary the editors see most of the unemployment as a result of two sources ``with unknown relative importance: hystersis effects ... and increasing structural rigidities in European labor markets. ...'' ``Hystersis'' refers to governments' attempts to relate their policies to a nonaccelerating inflation rate of unemployment (NAIRU), a rate that affects existing unemployment as it is affected by it. Contributors recommend two types of measures: structural changes in labor and product markets to increase flexibility, and more expansive macroeconomic policies. The reader, however, may wonder why the study is approached primarily from a market economy standpoint, even though the rules of the market economy may not be appropriate for analyzing the mixed economy common in Europe. Furthermore, comparison with US unemployment rates may be misleading. Nevertheless, the study is rich with tables, figures, and references, and should be challenging and quite rewarding to both advanced students and faculty.-E.H. Tuma, University of California, Davis

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