This paper introduces the age structure of the population into the analysis of medium term unemployment swings. We incorporate age-related features into the Shapiro-Stiglitz shirking model and find that the observed age pattern of unemployment can be explained in terms of the model. Moreover, we...

Modern life invaded societies in the 19th century: First in Britain and America, later in Germany and France. Increasing numbers were driven not just by a work ethic or a desire to accumulate: They were dreamers, tinkerers, and adventurers on a journey, exercising their imagination, creativity,...

The fundamental economic problem in America and most of Europe, too, is the Great Western Slowdown and the ensuing symptoms: weak investment, generally falling rates of return on investment, enlarged markups, declining job satisfaction, and near-disappearance of exhilarating growth. This...

This paper comments on: The Many Contributions of Edmund Phelps: American Economic Association Luncheon Speech Honoring the 2006 Nobel Laureate in Economics by James J. Heckman which can be found at: "http://ssrn.com/abstract=2209241" http://ssrn.com/abstract=2209241, Ned Phelps - The Economist:...

Note: Jean-Paul Fitoussi, the distinguished French economist, was a member and great friend of the Center on Capitalism and Society. He died on April 15, 2022, at age 79. In this issue of the journal, we present a selection of tributes that were delivered on September 30, 2022, at the center’s...

It was a huge mistake to see monetary policy as a static problem of engineering the desired balance between unemployment and inflation. The cyclical phases of economic expansion and contraction do not repeat themselves the same way twice in a row, so the monetary and fiscal remedies that worked...