America vs Europe Summary Notes
In analyzing the last 5 years it’s interesting to note that high unemployment rates in the US during the “greatest recession since the great depression” pretty much the average unemployment rate for Belgium, Finland, France, Germany, Greece, Spain, Poland and Slovakia. There are exceptions: Austria, Ireland and the UK. But the European Union as a whole experiences chronically high unemployment rate.
US Historical Unemployment rates
Public policy designed to help workers who lose their jobs can lead to structural unemployment as an unintended side effect. . . . In other countries, particularly in Europe, benefits are more generous and last longer. The drawback to this generosity is that it reduces a worker’s incentive to quickly find a new job. Generous unemployment benefits in some European countries are widely believed to be one of the main causes of “Eurosclerosis,” the persistent high unemployment that affects a number of European countries.
- Article: Chronic unemployment in the Euro area: causes and cures.(includes related articles), World Economic Outlook, May 1, 1999 Copyright
- Chronic Unemployment in Western Europe Forever?, Juergen B. Donges 1
- <a href="Article: Chronic unemployment in the Euro area: causes and cures.(includes related articles), World Economic Outlook, May 1, 1999 Copyright Chronic Unemployment in Western Europe Forever?, Juergen B. Donges 1
- wikipedia.org/, Economy_of_the_European_Union#Unemployment
- Rosser, Barkley J. and Marina V. Rosser. “Comparative Economics in a Transforming World Economy”, 2nd Edition, The MIT Press, 2004. pp 240