A growing body of evidence has documented the critical role that entrepreneurs play in fostering economic growth. But entrepreneurs can only be expected to take risks in ‘open settings’, where individuals and firms are free to contract with one another. In this important book,...

We introduce reported job satisfaction as a measure of economic performance and find it positively correlated with GDP per capita and the labor force participation rate in a sample of OECD countries and negatively correlated with unemployment. Moreover, we find that many measures of corporatism,...

This paper looks at changes in the distribution of unemployment across education groups in Canada, France, Germany, Italy, the UK and the US. The rate of unemployment among the less educated is higher than among those with more education in all the countries, with the exception of Italy....

The current sluggish performance of the US economy follows one of the more remarkable booms in modern history. The late 1990s was a period of simultaneous output and productivity growth, low unemployment and stable inflation, culminating in an unemployment rate of only 3.9% in the fourth quarter...

We show how changes in the educational composition of the labour force affect both the level and the behaviour over time of aggregate unemployment series. We also demonstrate that if it had not been for such changes, the U.S. unemployment series would look European since the within-group...

Empirical evidence seems to indicate that economic growth since 1965 has varied inversely with natural resource abundance across countries. This Paper proposes a linkage between abundant natural resources and economic growth, through saving and investment. When the share of output that accrues...

This Paper provides microfoundations for wage compression by modelling wage-setting in a world of heterogeneous workers and firms. Workers are differentiated by observable innate ability. A high-ability worker confers on a firm an externality, since their ability raises the average level of...