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...