Version actuelle datée du 1 avril 2020 à 23:02

Unemployment

Données clés
Professeur(s)	Sbergami, Federica^[1]^[2]^[3] Nicolas Maystre^[4]^[5]^[6]^[7]^[8]^[9]^[10]
Cours	Introduction to Macroeconomics

Lectures

An economy is characterised by the efficient use of its resources. A crucial variable in determining a country's standard of living is the unemployment rate. The higher the level of employment in an economy, the higher its output. Optimal use of the labour force is an overriding objective for any economic policy authority.

The loss of work is not an event that causes a fall in living standards only at the individual level. It also represents a loss for the economy as a whole in terms of under-utilisation of resources and sacrifice of production potential.

The unemployment rate measures the share of the active population that would like to work but cannot find a job at the prevailing wage.

The objective of this chapter is to analyse the determinants of unemployment and the intervention measures available to the government.

Okun's Law is the relationship between economic growth and unemployment:

\Delta {\text{rate of unemployment}}=-{\frac {1}{2}}\times {\text{change in percentage of real GDP}}-3\%

This is an empirical regularity (the parameters may vary, even significantly, from one country to another and according to the periods that express the variations in the unemployment rate as a function of the rate of growth of output. The annual growth rate of GDP must be at least 3% to avoid an increase in the unemployment rate and a growth of more than 3% of 1 point leads to a fall of only 0.5% (and not 1%) in the unemployment rate.

The intuition is that the labour force and labour productivity grow over time (3% on average over the last few decades) and that the responsiveness of firms to changes in output is not 1 to 1.

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Definitions and measurements[modifier | modifier le wikicode]

Definition[modifier | modifier le wikicode]

The natural rate of unemployment is the rate considered "normal" in an economy, i.e. the rate that does not even disappear in the long run. It is an average unemployment rate.

The cyclical unemployment rate indicates the annual fluctuations around the natural rate. It is associated with the ups and downs of the business cycle.

The unemployment rate in the United States. Source: U.S. Department of Labor

It is important to distinguish between these two forms of unemployment because combating them will require different policies (long-term in the first case and short-term in the second).

Unemployment in Switzerland: evolution[modifier | modifier le wikicode]

Unemployment rate by canton[modifier | modifier le wikicode]

Unemployment rate: international comparison[modifier | modifier le wikicode]

Measure[modifier | modifier le wikicode]

Unemployment data are collected on the basis of :

unemployment subsidies (delicate international comparisons);
regular (monthly) surveys by national statistical offices (more consistent data as they are based on a standardised definition of the International Labour Office, ILO).

Each individual of working age is classified in one of the following categories:

having a job ;
not in employment;
not wanting a job.

Labour force = number of persons in employment + number of persons not in employment (= aggregate labour supply)

Unemployment rate = (number of people not in employment) / (labour force) ∙ 100 = percentage of labour force not employed

Participation rate = (active population) / (working age population) ∙ 100 = percentage of the adult population (+ than 16 years old) that is active

Official Definitions[modifier | modifier le wikicode]

According to the International Labour Office (ILO), an unemployed person is a person between the ages of 15 and 74 years old who

has not been gainfully employed (self-employed or salaried) during the period under consideration;
has looked for work during the previous 4 weeks (regardless of the intensity of the job search);
is available for gainful employment within the next two weeks.

In Switzerland, an individual is officially considered to be a job seeker/unemployed if he/she is registered with an REO (Regional Job Placement Office), which does not necessarily entitle him/her to unemployment benefit. Anyone can register with an REO:

inactive and looking for a job ;
employed part-time and looking for full-time work;
immediately available and suitable for placement;
Age 14 years of age or older.

Example[modifier | modifier le wikicode]

UK: Distribution of the adult population in 2004.

Labour force = 28.4 + 1.4 = = 29.8 million

Unemployment rate = (1.4/29.8) - 100 = = = 4.7%.

Labour force participation rate = (29.8/47.4) - 100 = = = 62.9%.

Unemployment rate by group[modifier | modifier le wikicode]

The unemployment rate is an aggregate measure, but one can, of course, also calculate the unemployment rate by category (age, gender, country of origin, level of education, etc.). On youth unemployment, see The Economist 10.09.2011

Unemployment rate by gender and ethnic group (UK 2001-02).

Registered unemployed, by sex and nationality (Switzerland, January 2013).

Problems and remarks[modifier | modifier le wikicode]

It is not easy to distinguish between individuals who are unemployed and those who are not in the labour force:

Discouraged workers = individuals who would like to work but have given up looking after a long unsuccessful search...
false unemployed = individuals who declare themselves unemployed to obtain the subsidy even if they are not really looking for work

The duration of most unemployment is short term (considering the number of unemployed), but most unemployment measured over a certain interval is long term (considering the number of hours of unemployment): only an apparent contradiction.

It is important to distinguish the unemployment rate from the "underemployment" rate (= active persons employed part-time, willing and able to work more). See below.

Under-employment[modifier | modifier le wikicode]

EMPLOYMENT APPLICANTS (= "lack of work") ≈ unemployed + underemployed. Jobseekers tend to outnumber the unemployed.

Registered Jobseekers and Unemployed Persons[modifier | modifier le wikicode]

Determinants of unemployment[modifier | modifier le wikicode]

The functioning of the labour market[modifier | modifier le wikicode]

The labour market, like all other markets, is governed by the forces of demand and supply. In an ideal world the wage (= labour price) should adjust to balance the demand and supply of labour, thereby ensuring full employment (cf. chapter 18 of the GL).

Labour supply (of households)

From the microeconomics course we know the determinants of the consumer labour supply function and we know that this function can sometimes be a little odd (negative slope). Although in general this case is quite possible, we will later hypothesize that the relationship between labour supply and wage is positive (for any wage above the reservation wage).

Labour demand (of firms)

In most cases, labour services are used as an input to produce final goods. The demand for labour on the part of firms will therefore be governed to some extent by the production function.

Attention to terminology[modifier | modifier le wikicode]

Job offer ≠ "Job offer" = Job demand

The job offer comes from individuals. Classified ads, also wrongly called "job offers" in newspapers, actually correspond to the demand for labour from businesses .

Reserve salary and job offer[modifier | modifier le wikicode]

The reservation wage is the minimum (hourly) wage that the person requires to participate in the labour market. For any wage below the reservation wage the labour supply is zero.

In other words, it is the "price" to be paid, at a given time, in terms of time spent outside the labour market (↓ leisure time), in return for a greater consumption of B&S allowing to maintain a given level of economic well-being (trade off).

The reservation wage is a function of :

the spouse's income, family "gifts and legacies", State transfers and other non-State aid, the possibility of moonlighting, etc.
the existence or not of fixed monetary (e.g. childcare) and non-monetary (e.g. travel time) costs;
the system of transfers and direct taxation.

PmL and the work request function[modifier | modifier le wikicode]

Normally production functions are characterized by a decreasing marginal product of work (= amount of additional output that can be produced with an additional unit of this input).

Since p is the price of the final good, the value of the marginal product of labour is given by : $VPmL\equiv p\times PmL$ This value decreases with the number of workers employed by the company, all else being equal.

In perfect competition, a profit-maximizing firm employs a number of workers such that the PmL in value equals the nominal wage: $PmL=w$ (or $PmL={\frac {w}{p}}$ ). The VPmL function coincides with the labor demand curve → Decreasing demand function.

N.B. A firm that employs labor in accordance with the condition $VPmL=w$ is also producing to the point where $p=Cm$ (profit maximization condition).

The labour demand is deduced from the production function: at constant quantities of the other pdf (here K), the firm chooses the level of L which equals the labour profit (PmL) to its cost (w/p) at the margin. NB: pPmL (= marginal product in value terms) is a decreasing function, like PmL

Labour market equilibrium[modifier | modifier le wikicode]

Any supply or demand shock determines a change in the equilibrium wage (if no rigidities, no "structural" unemployment) .

Frictional unemployment vs. structural unemployment[modifier | modifier le wikicode]

Frictional unemployment: one of the causes of unemployment is that, for various reasons, the meeting between workers and jobs takes time. Frictional unemployment is the fraction of total unemployment explained by the time needed to find a job. In a continuously changing economy, a certain amount of frictional unemployment is inevitable. See next page.

Structural unemployment : wage rigidity is a second cause of unemployment. Unemployment resulting from wage rigidity and job rationing is called structural unemployment. At the prevailing wage, labour supply exceeds demand. There are several reasons for wage rigidity.

Job Search and Frictional Unemployment[modifier | modifier le wikicode]

It takes time and effort to find a job that suits people's tastes and qualifications.

Unemployment due to job search is inevitable in a continuously changing economy. Any change in the composition of demand between industries or regions causes sectoral or regional shifts in the demand for labour that take time to be covered.

This type of unemployment is different from structural unemployment because it does not depend on a wage above the equilibrium wage.

A number of public policies can reduce the time it takes to find adequate work and thus influence the rate of frictional unemployment :

Public Employment Agencies (they disseminate information on available jobs by reducing the matching time);
Public training programmes (they facilitate the transition of workers from declining to expanding industries);
Unemployment insurance (it offers partial protection against job loss → it may discourage the search for a new job → potentially negative effect on the frictional unemployment rate).

Determinants of structural unemployment[modifier | modifier le wikicode]

We have structural unemployment when labour supply exceeds demand.

Rather related to longer-term unemployment.

Four main causes:

Minimum wage legislation (the case of the floor price: when the minimum wage is set above the equilibrium wage, it creates unemployment). Cf. graph) ;
Implicit contracts (in order to eliminate income fluctuations, companies and workers enter into contracts ensuring a constant monthly or even annual wage level, independent of economic fluctuations);
The bargaining power of workers' unions;
Efficiency wages.

Unions and Collective Bargaining[modifier | modifier le wikicode]

A trade union is a representative organization of workers that participates in collective bargaining with employers to determine wages and working conditions. A kind of "cartel" with some market power.

Consequences of union negotiations[modifier | modifier le wikicode]

The outcome of negotiations is often a wage above the equilibrium level and, as a result, an increase in structural unemployment.

Conflict between workers already employed (insiders) and workers wishing to be employed by the company (outsiders) who will bear the cost of collective bargaining .

Critics argue that the trade union system leads to an inefficient and iniquitous balance.

According to the supporters, the union is a necessary antidote to contrast the market power of companies.

Efficiency Salary[modifier | modifier le wikicode]

Wages higher than the break-even wage, paid by firms to make workers more productive. A decrease in wages in the presence of excess supply would determine a reduction in the wage bill paid by the firm, yes, but it would negatively affect the productivity of workers and therefore the firm's profits.

In the poorest countries, higher wages allow workers to eat better and therefore be more productive.

In developed countries high wages reduce worker turnover: the higher the wage, the greater the incentive for the worker to stay in the job.

The average quality of the labour force depends on the level of remuneration: if the company ↓ pays its wages, the best workers will look for work elsewhere (adverse selection).

High wages increase employee motivation: by paying high wages the company reduces moral risk behaviour.

Salary: international comparisons[modifier | modifier le wikicode]

Keynesian unemployment[modifier | modifier le wikicode]

Unlike structural unemployment, which refers to rigidities in wage adjustment, Keynesian economists believe that unemployment can also be caused by a lack of effective demand.

Summary[modifier | modifier le wikicode]

The unemployment rate measures the percentage of the total labour force that is unemployed.

A distinction is made between cyclical unemployment and natural unemployment.

The majority of the unemployed find work fairly quickly

The majority of unemployment is long-term

The labour market functions like any other market, with wages being the price that guarantees the balance between demand and supply of labour.

Frictional unemployment depends on how long it takes to find suitable work

A number of public policies can influence the frictional unemployment rate

Structural unemployment is unemployment that occurs when wages are higher than the equilibrium wage and therefore supply exceeds demand. It depends on three causes:

the imposition of a minimum wage;
union negotiations;
the setting of efficiency wages;
Keynesian unemployment is caused by insufficient effective demand.

Annexes[modifier | modifier le wikicode]

Left behind, The Economist, 10.09.2011
Pour ceux intéressés à la situation en Suisse: La situation sur le marché du travail en janvier 2011, SECO, 08.02.2011

References[modifier | modifier le wikicode]

↑ Page personnelle de Federica Sbergami sur le site de l'Université de Genève
↑ Page personnelle de Federica Sbergami sur le site de l'Université de Neuchâtel
↑ Page personnelle de Federica Sbergami sur Research Gate
↑ Researchgate.net - Nicolas Maystre
↑ Google Scholar - Nicolas Maystre
↑ VOX, CEPR Policy Portal - Nicolas Maystre
↑ Nicolas Maystre's webpage
↑ Cairn.ingo - Nicolas Maystre
↑ Linkedin - Nicolas Maystre
↑ Academia.edu - Nicolas Maystre

[1] Page personnelle de Federica Sbergami sur le site de l'Université de Genève

[2] Page personnelle de Federica Sbergami sur le site de l'Université de Neuchâtel

[3] Page personnelle de Federica Sbergami sur Research Gate

[4] Researchgate.net - Nicolas Maystre

[5] Google Scholar - Nicolas Maystre

[6] VOX, CEPR Policy Portal - Nicolas Maystre

[7] Nicolas Maystre's webpage

[8] Cairn.ingo - Nicolas Maystre

[9] Linkedin - Nicolas Maystre

[10] Academia.edu - Nicolas Maystre

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[2]

[3]

[4]

[5]

[6]

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@@ Ligne 45 : / Ligne 45 : @@
 {{Translations
 | fr = Chômage
-| es =
+| es = Desempleo
 }}
@@ Ligne 156 : / Ligne 156 : @@
 == Reserve salary and job offer ==
-Le '''salaire de réserve''' correspond au salaire (horaire) minimum que la personne demande pour participer au marché du travail. Pour tout salaire en-dessous du salaire de réserve l’offre de travail est nulle.
+The '''reservation wage''' is the minimum (hourly) wage that the person requires to participate in the labour market. For any wage below the reservation wage the labour supply is zero.
-Autrement dit, c’est le « prix » à payer, à un moment donné, en termes de temps alloué en dehors du marché du travail (↓ de loisir), en contrepartie d’une plus grande consommation de B&S permettant de maintenir un niveau de bien-être économique donné (trade off).
+In other words, it is the "price" to be paid, at a given time, in terms of time spent outside the labour market (↓ leisure time), in return for a greater consumption of B&S allowing to maintain a given level of economic well-being (trade off).
-Le salaire de réserve est fonction :
+The reservation wage is a function of :
-*des revenus du conjoint, des «dons et legs » familiaux, des transferts de l’État et autres aides non étatiques, de la possibilité de travailler au noir...
+*the spouse's income, family "gifts and legacies", State transfers and other non-State aid, the possibility of moonlighting, etc.
-*de l’existence ou non de coûts fixes monétaires (par exemple, garde enfants) et non monétaires (par exemple, temps de déplacement);
+*the existence or not of fixed monetary (e.g. childcare) and non-monetary (e.g. travel time) costs;
-*du système de transferts et d’imposition directe.
+*the system of transfers and direct taxation.
-== Le PmL et la fonction de demande de travail ==
+== PmL and the work request function ==
-Normalement les fonctions de production sont caractérisées par un produit marginal du travail (= quantité d’output supplémentaire que l’on peut produire avec une unité supplémentaire de cet input) décroissant.
+Normally production functions are characterized by a decreasing marginal product of work (= amount of additional output that can be produced with an additional unit of this input).
-Etant p le prix du bien final, la valeur du produit marginal du travail est donnée par : <math>VPmL ≡ p \times PmL</math>
+Since p is the price of the final good, the value of the marginal product of labour is given by : <math>VPmL \equiv p \times PmL</math>
-Cette valeur baisse avec le nombre de travailleurs employés par l’entreprise toute chose étant égale par ailleurs.
+This value decreases with the number of workers employed by the company, all else being equal.
-En concurrence parfaite, une entreprise qui maximise ses profits emploie un nombre de travailleurs tel que la PmL en valeur égalise le salaire nominal : <math>VPmL = w</math> (ou <math>PmL = \frac {w}{p}</math>). La fonction du VPmL coïncide avec la courbe de demande de travail → Fonction de demande décroissante.
+In perfect competition, a profit-maximizing firm employs a number of workers such that the PmL in value equals the nominal wage: <math>PmL = w</math> (or <math>PmL = \frac {w}{p}</math>). The VPmL function coincides with the labor demand curve → Decreasing demand function.
-N.B. Une firme qui emploie le travail en respectant la condition <math>VPmL = w</math> est aussi en train de produire jusqu’au point où <math>p = Cm</math> (condition de maximisation du profit).
+N.B. A firm that employs labor in accordance with the condition <math>VPmL = w</math> is also producing to the point where <math>p = Cm</math> (profit maximization condition).
-La demande de travail est déduite de la fonction de production: à quantités constantes des autres fdp (ici K), la firme choisit le niveau de L qui égalise le bénéfice du travail (PmL) à son coût (w/p) à la marge. NB: pPmL (= produit marginal en valeur) est une fonction décroissante, comme le PmL
+The labour demand is deduced from the production function: at constant quantities of the other pdf (here K), the firm chooses the level of L which equals the labour profit (PmL) to its cost (w/p) at the margin. NB: pPmL (= marginal product in value terms) is a decreasing function, like PmL
 [[Fichier:Intromacro PmL et la fonction de demande de travail 1.png|400px|vignette|centré]]
-== Equilibre du marché du travail ==
+== Labour market equilibrium ==
-Tout choc d’offre ou de demande détermine une variation du salaire d’équilibre (si pas de rigidités, pas de chômage « structurel ») .
+Any supply or demand shock determines a change in the equilibrium wage (if no rigidities, no "structural" unemployment) .
 [[Fichier:Intromacro chomage Equilibre du marché du travail 1.png|400px|vignette|centré]]
-== Chômage frictionnel vs chômage structurel ==
+== Frictional unemployment vs. structural unemployment ==
-'''Chômage frictionnel''' : l’une des causes du chômage est que, pour différentes raisons, la rencontre entre travailleurs et emplois demande du temps. On appelle chômage frictionnel la fraction du chômage total expliquée par le temps nécessaire à la recherche d’un emploi. Dans une économie en continue évolution, un certain chômage frictionnel est inévitable. Cf. page suivante.
+'''Frictional unemployment''': one of the causes of unemployment is that, for various reasons, the meeting between workers and jobs takes time. Frictional unemployment is the fraction of total unemployment explained by the time needed to find a job. In a continuously changing economy, a certain amount of frictional unemployment is inevitable. See next page.
-'''Chômage structurel''' : la rigidité des salaires est une deuxième cause de chômage. On appelle chômage structurel le chômage résultant de la rigidité des salaires et du rationnement des emplois. Au salaire en vigueur, l’offre de travail excède la demande. Il existe plusieurs raisons qui expliquent la rigidité des salaires.
+'''Structural unemployment''' : wage rigidity is a second cause of unemployment. Unemployment resulting from wage rigidity and job rationing is called structural unemployment. At the prevailing wage, labour supply exceeds demand. There are several reasons for wage rigidity.
 [[Fichier:Intromacro Chômage frictionnel vs chômage structurel 1.png|400px|vignette|centré]]
-== La recherche d'emploi et le chômage frictionnel ==
+== Job Search and Frictional Unemployment ==
-La recherche d’un emploi adéquat aux goûts et aux qualifications des individus exige du temps et des efforts.
+It takes time and effort to find a job that suits people's tastes and qualifications.
-Le chômage dû à la recherche d’emploi est inévitable dans une économie en changement continu. Toute modification dans la composition de la demande entre industries ou régions provoque des glissements sectoriels ou régionaux dans la demande de travail qui demandent du temps pour être couverts.
+Unemployment due to job search is inevitable in a continuously changing economy. Any change in the composition of demand between industries or regions causes sectoral or regional shifts in the demand for labour that take time to be covered.
-Ce type de chômage est différent du chômage structurel car il ne dépend pas d’un salaire au-dessus du salaire d’équilibre.
+This type of unemployment is different from structural unemployment because it does not depend on a wage above the equilibrium wage.
-Un certain nombre de politiques publiques peuvent réduire le temps qu’il faut pour trouver un travail adéquat et donc influencer le taux de chômage frictionnel :
+A number of public policies can reduce the time it takes to find adequate work and thus influence the rate of frictional unemployment :
-*Agences publiques de l’emploi (elles diffusent l’information sur les emplois disponibles en réduisant le temps de matching);
+*Public Employment Agencies (they disseminate information on available jobs by reducing the matching time);
-*Programmes de formation publiques (ils facilitent le passage des travailleurs des branches d’activité en déclin vers les branches en expansion);
+*Public training programmes (they facilitate the transition of workers from declining to expanding industries);
-*Assurance chômage (elle offre une protection partielle à la perte d’emploi → ça peut décourager la recherche d’un nouveau travail → effet potentiellement négatif sur le taux de chômage frictionnel).
+*Unemployment insurance (it offers partial protection against job loss → it may discourage the search for a new job → potentially negative effect on the frictional unemployment rate).
-== Les déterminants du chômage structurel ==
+== Determinants of structural unemployment ==
-On a du chômage structurel quand l’offre de travail excède la demande.
+We have structural unemployment when labour supply exceeds demand.
-Plutôt lié au chômage de plus long terme.
+Rather related to longer-term unemployment.
-Quatre causes principales :
+Four main causes:
-*La législation sur le salaire minimum (cas du prix plancher: quand le salaire minimum est fixé à un niveau supérieur au salaire d’équilibre, il crée du chômage. Cf. graphique) ;
+*Minimum wage legislation (the case of the floor price: when the minimum wage is set above the equilibrium wage, it creates unemployment). Cf. graph) ;
-*Les contrats implicites (afin d’éliminer les fluctuations du revenu, entreprises et travailleurs passent des contrats assurant un niveau de salaire mensuel, voire annuel, constant, indépendant des fluctuations économiques) ;
+*Implicit contracts (in order to eliminate income fluctuations, companies and workers enter into contracts ensuring a constant monthly or even annual wage level, independent of economic fluctuations);
-*Le pouvoir de négociation des syndicats des travailleurs ;
+*The bargaining power of workers' unions;
-*Les salaires d’efficience.
+*Efficiency wages.
 [[Fichier:Intromacro déterminants du chômage structurel 1.png|400px|vignette|centré]]
-== Les syndicats et la négociation collective ==
+== Unions and Collective Bargaining ==
-Un '''syndicat''' est une organisation représentative des travailleurs qui participe aux négociations collectives avec les employeurs pour déterminer les salaires et les conditions de travail. Sorte de « cartel » avec un certain pouvoir de marché.
+A '''trade union''' is a representative organization of workers that participates in collective bargaining with employers to determine wages and working conditions. A kind of "cartel" with some market power.
 [[Fichier:Intromacro syndicats et la négociation collective 1.png|400px|vignette|centré]]
-== Conséquences des négociations de syndicats ==
+== Consequences of union negotiations ==
-Le résultat des négociations est souvent un salaire supérieur au niveau d’équilibre et, en conséquence, une augmentation du chômage structurel.
+The outcome of negotiations is often a wage above the equilibrium level and, as a result, an increase in structural unemployment.
-Conflit entre les travailleurs déjà employés (insiders) et les travailleurs souhaitant être employés par l’entreprise (outsiders) qui vont supporter le coût de la négociation collective .
+Conflict between workers already employed (insiders) and workers wishing to be employed by the company (outsiders) who will bear the cost of collective bargaining .
-Selon les critiques, le système syndical amène à un équilibre inefficient et inique.
+Critics argue that the trade union system leads to an inefficient and iniquitous balance.
-Selon les supporteurs, le syndicat est un antidote nécessaire à contraster le pouvoir de marché des entreprises.
+According to the supporters, the union is a necessary antidote to contrast the market power of companies.
-== Salaire d'efficience ==
+== Efficiency Salary ==
-Salaire plus élevé que le salaire d’équilibre, payé par les entreprises pour rendre les travailleurs plus productifs. Une baisse du salaire en présence d’un excès d’offre déterminerait une réduction de la masse salariale payée par l'entreprise, oui, mais ça pèserait négativement sur la productivité des travailleurs et donc sur les profits de la firme.
+Wages higher than the break-even wage, paid by firms to make workers more productive. A decrease in wages in the presence of excess supply would determine a reduction in the wage bill paid by the firm, yes, but it would negatively affect the productivity of workers and therefore the firm's profits.
-Dans les pays les plus pauvres un salaire plus élevé permet aux travailleurs de mieux se nourrir et donc d’être plus productifs.
+In the poorest countries, higher wages allow workers to eat better and therefore be more productive.
-Dans les pays développés des salaires élevés réduisent la rotation des travailleurs: plus le salaire est élevé plus le travailleur est incité à conserver son emploi.
+In developed countries high wages reduce worker turnover: the higher the wage, the greater the incentive for the worker to stay in the job.
-La qualité moyenne de la main d’œuvre est fonction de la hauteur de la rémunération: si l’entreprise ↓ ses salaires les meilleurs travailleurs chercheront un travail ailleurs (phénomène de la sélection adverse).
+The average quality of the labour force depends on the level of remuneration: if the company ↓ pays its wages, the best workers will look for work elsewhere (adverse selection).
-Des salaires élevés accroissent la motivation des travailleurs: en payant des salaires élevés l’entreprise réduit les comportements de risque moral.
+High wages increase employee motivation: by paying high wages the company reduces moral risk behaviour.
-== Salaire : comparaison internationales ==
+== Salary: international comparisons ==
 [[Fichier:Intromacro chomage Salaire comparaison internationales 1.png|400px|vignette|centré]]
-== Le chômage keynesien ==
+== Keynesian unemployment ==
-Contrairement au chômage structurel qui fait référence à des rigidités dans l’ajustement des salaires, pour les économistes keynésiens, le chômage peut aussi être engendré par une insuffisance de la demande effective.
+Unlike structural unemployment, which refers to rigidities in wage adjustment, Keynesian economists believe that unemployment can also be caused by a lack of effective demand.
-= Résumé =
+= Summary =
-Le taux de chômage mesure le pourcentage des travailleurs n’ayant pas d’emploi sur le total de la population active
+The unemployment rate measures the percentage of the total labour force that is unemployed.
-On distingue entre un chômage conjoncturel et un chômage naturel
+A distinction is made between cyclical unemployment and natural unemployment.
-La majorité des chômeurs trouve un emploi assez rapidement
+The majority of the unemployed find work fairly quickly
-La majorité du chômage est de long terme
+The majority of unemployment is long-term
-Le marché du travail fonctionne comme tout autre marché, le salaire étant le prix qui garantie l’équilibre entre la demande et l’offre de travail
+The labour market functions like any other market, with wages being the price that guarantees the balance between demand and supply of labour.
-Le chômage frictionnel dépende du temps qu’il faut pour trouver un travail adéquat
+Frictional unemployment depends on how long it takes to find suitable work
-Un certain nombre de politiques publiques peuvent influencer le taux de chômage frictionnel
+A number of public policies can influence the frictional unemployment rate
-Le chômage structurel est le chômage qu’on observe quand le salaire est supérieur au salaire d’équilibre et donc l’offre excède la demande. Il dépende de trois causes :
+Structural unemployment is unemployment that occurs when wages are higher than the equilibrium wage and therefore supply exceeds demand. It depends on three causes:
-*l’imposition d’un salaire minimum ;
+*the imposition of a minimum wage;
-*les négociations syndicales ;
+*union negotiations;
-*la fixation de salaires d’efficience ;
+*the setting of efficiency wages;
-*le chômage keynésien est engendré par une insuffisance de la demande effective.
+*Keynesian unemployment is caused by insufficient effective demand.
 = Annexes =
-= References =
 *Left behind, The Economist, 10.09.2011
 *Pour ceux intéressés à la situation en Suisse: La situation sur le marché du travail en janvier 2011, SECO, 08.02.2011
+= References =
 <references/>

« Unemployment » : différence entre les versions