This paper discusses the changing nature of macroeconomic performance between Europe and the United States since 1997.
Written in 2008; 4,991 words; 27 sources; MLA; $ 126.95
Paper Summary:
The paper discusses how productivity advances in Europe and the U.S. have affected growth and how population discrepancies will exacerbate the already significant differences in economic growth between the US and Europe. The paper compares innovation policy, competition, demographics and labor market flexibility differences and the effects of fiscal policy, macroeconomic cost management and monetary policy. The paper also looks at future trends in unemployment levels and production in both regions. The paper includes several graphs and tables.
Outline:
Introduction
Labor Freedom of Movement
Resisting New Labor Entrants
Forecasting the Future: Europe and the United States
Summary
From the Paper:
"Why is there such a difference in income between the two economic areas? Some of the difference is due to unemployment differences between the two areas. Most major western European nations have dealt with high levels of chronic unemployment for the past 25 years. Although current rates are declining, only the UK has demonstrated a consistent unemployment level below seven percent (Economist). Since 1996, the average unemployment rate in Germany has averaged 9.1%, while France has averaged 10.7% and Italy 10.3%. These figures tend to underestimate the actual level of unemployment, as those who are in job-creation and -training schemes, such as Germany's ABM (Arbeitsbeschaffungsmassnahme) are not counted in official unemployment statistics. Counting those programs, the actual unemployment rate may be closer to 15% for these countries (BLS)."
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