Unemployment Revisited : Empirical Evidence from 20 OECD Countries

The undertaken paper attempts to gain further insight into a string of factors thought to condition unemployment. By exposing the theoretical arguments of the Keynesian Neoclassical and radical/Marxian approaches we empirically estimate a hybrid unemployment equation, the generated evidence of which appears to be in line with both the Keynesian and Marxian tradition. For the empirical investigation, dynamic panel data analysis is applied to 20 OECD countries for the period 1970-2003