The approach put forward in this article is based on Schumpeter`s idea of creative destruction, the competitive process by which entrepreneurs are always looking for new ideas that will render their rivals` ideas obsolete. I present a model in which the rate of economic growth is sensitive to...

We study the long-run effects of initial labor market conditions on wages for a large sample of male individuals entering the Austrian labor market between 1978 and 2000. We find a robust negative effect of unfavorable entry conditions on starting wages. This initial effect turns out to be quite...

We estimate the effects of labor market entry conditions on wages for male individuals first entering the Austrian labor market between 1978 and 2000. We find a large negative effect of unfavorable entry conditions on starting wages as well as a sizeable negative long-run effect. Specifically,...

The depth of the Great Recession, the slow recovery of job creation, the downward trend in labor force participation, high long-term unemployment, stagnant or declining wages for low-to-medium skill jobs owing to adverse labor demand shifts, and a greater rebound in low-wage than mid- or...

To improve the employment rates and earnings of Americans workers, we need to create more coherent and effective education and workforce development systems, focusing primarily (though not exclusively) on disadvantaged youth and adults, and with education and training more clearly targeted...

This paper sheds new light on the effects of the minimum wage on employment from a two-sided theoretical perspective, in which firms' job offer and workers' job acceptance decisions are disentangled. Minimum wages reduce job offer incentives and increase job acceptance incentives. We show that...

Das Sozio-oekonomische Panel (SOEP) ist als multidisziplinäres Haushaltspanel, das Informationen zu allen Personen, die in einem Panel-Haushalt leben, erhebt und damit alle Altersjahrgänge abdeckt, nach 25 Jahren Laufzeit auch zu einer Kohorten- Studie geworden. Der zunehmende Erfolg der...

This paper reviews international experiences with the implementation of wage subsidies and develops a policy framework to guide their design in developing countries. The evidence suggests that, if the goal is only to create jobs, wage subsidies are unlikely to be an effective instrument. Wage...

The depth of the Great Recession, the slow recovery of job creation, the downward trend in labor force participation, high long-term unemployment, stagnant or declining wages for low-to-medium skill jobs owing to adverse labor demand shifts, and a greater rebound in low-wage than mid- or...

Older people in developed countries are living longer and healthier lives. A prolonged and healthy mature period of life is often associated with continued and active participation in the labor market. At the same time, active grandparents can offer their working offspring a free, flexible, and...