For readers
with an interest in the long-term growth of aggregate employment (or lack
thereof).
Marx’s view
on the relationship between technological progress and (un)employment was right
in theory, but wrong in empirics, insofar as he underestimated the potential of
job creation resulting from technological progress. Joan Robinson got stuck
with her attempt to develop a “long-period theory of employment”. Rather than
trying to develop a theory or model on the long-term growth of employment, I
conducted a comparative empirical study of long-term employment growth and
decline, examining a wide range of evidence from the 20th century
about the long-term growth of employment in the countries around the world,
including industrialized, developing, and formerly Communist economies. The
empirical investigation distinguishes between normal and abnormal employment
growth – that is to say, “normal” if aggregate employment increased
commensurate with the growth of the labour force; and “abnormal” if aggregate
employment deviated from that trend due to war, transition shock, and system
breakdown, or if there was growth of underemployment, jobless growth or
job-destroying economic growth. Major related theories are critiqued, including
theories of unemployment, economic growth, technological progress, and
structural change. Standard labour market economics are criticized for
following a “slave auction model” of employment.
Reference:
Job
Creation: The long-term growth of employment, normal and abnormal.
New York: Nova Science, 2008
See
https://www.novapublishers.com/catalog/product_info.php?products_id=6781
GK
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