The European Economy in an American Mirror by Barry Eichengreen, Dieter Stiefel, Michael Landesmann

By Barry Eichengreen, Dieter Stiefel, Michael Landesmann

Europe’s economic system is less than pressure as a result of lagging productiveness progress, inhabitants ageing, the problems of adjustment in an enlarged eu Union, and the demanding situations of globalization. compared to the USA, charges of progress of GDP in keeping with capita and labour productiveness progress are anaemic, elevating questions on the viability of a special ecu version. From observations like those, conclusions could be drawn that Europe will consider impossible to resist strain to permit its regulations and associations to converge towards these of the USA. yet how some distance and the way quick are uncertain.

Edited through the world over popular authors within the field and choked with articles by way of a magnificent array of foreign members, this book examines the yankee and eu economies; drawing comparisons among them.

Bringing jointly experts from each side of the Atlantic, including Lindert, DeLong and Buti to examine the present nation of either economies and their responses to the altering worldwide atmosphere, the publication bargains with competitiveness at the one hand and the connection among associations and markets at the other.

This quantity is especially proper to postgraduate and postdoctoral scholars project learn in all components of ecu integration and overseas political economic system, whereas additionally being acceptable for a qualified audience.

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This chapter provides a detailed review of debates involving four leading interpretations of the relative decline in European hours per capita. These are that most or all of the difference represents a different taste for leisure in Europe, that all of the difference reflects high taxes on labour in Europe, that much of the difference represents the effects not of high taxes but of an overly-generous Welfare State, and finally that hours per capita have been driven down not by voluntary choices but by political pressure initiated by unions that have promoted legislation ratifying a shorter working week, long vacations, and early retirement.

This shows a decline from 120 per cent in 1960 to 102 per cent in 1970 to 74 per cent in 1995 and then a slight recovery to 77 per cent in 2004. 4 by the solid grey and solid black lines, respectively. An important finding is that the decline in the hours per capita ratio has been explained more by the decline in the employee to population ratio than by the hours to employee ratio. Thus we can reject Blanchard’s (2004) overly facile explanation, as quoted above, that the differential behaviour of European productivity to European per-capita income is simply a matter of the voluntary choice of shorter hours.

Oxford, UK: Oxford University Press. , Glaeser, E. and Sacerdote, B. ’ NBER Macroeconomics Annual 2005 20: 1–64. Blanchard, O. (2004) ‘The Economic Future of Europe,’ Journal of Economic Perspectives 18(4), Fall: 3–26. Dew-Becker, I. J. (2005) ‘Where Did the Productivity Growth Go? J. Gordon Inflation Dynamics and the Distribution of Income,’ Brookings Papers on Economic Activity 36(2): 67–127. Freeman, R. and Schettkat, R. (2005) ‘Jobs and Home Work: Time Use Evidence,’ Economic Policy 41: 6–50.

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