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Encyclopedia > Jobless growth

A jobless recovery or jobless growth is a phrase used by economists to describe the recovery from a recession which does not produce strong growth in employment. The phrase originated in the early 1990s in the United States, to describe the economic recovery at the end of President George H.W. Bush's term; it came back into use during the early 2000s. Alan Greenspan, former chairman, United States Federal Reserve. ... A recession is traditionally defined in macroeconomics as a decline in a countrys real Gross Domestic Product (GDP) for two or more successive quarters of a year (equivalently, two consecutive quarters of negative real economic growth). ... For the album by the Kaiser Chiefs see Employment (album) Employment is a contract between two parties, one being the employer and the other being the employee. ... The 1990s decade refers to the years from the start of 1990 to the end of 1999. ... The presidential seal was first used in 1880 by President Rutherford B. Hayes and last modified in 1959 by adding the 50th star for Hawaii The President of the United States of America is the head of state and head of government of the United States. ... Order: 41st President Vice President: Dan Quayle Term of office: January 20, 1989 – January 20, 1993 Preceded by: Ronald Reagan Succeeded by: Bill Clinton Date of birth: June 12, 1924 Place of birth: Milton, Massachusetts First Lady: Barbara Pierce Bush Political party: Republican George Herbert Walker Bush, KBE (born... The 2000s are the current decade, spanning from 2000 to 2009. ...


Prior to the 1990's, most economic recoveries led to employment increases relatively rapidly. However, starting with the 1991 recession the employment recoveries have been historically slow.


Economists are still divided about the causes and cures of a jobless recovery: some argue that increased productivity through automation and robotics has allowed economic growth without reducing unemployment. Other economists (such as [1]) suggest that jobless recoveries stem from structural change in the labor market, leading to unemployment as workers change jobs or industries. This article or section does not cite its references or sources. ... It has been suggested that this article or section be merged with robot. ... World GDP/capita changed very little for most of human history before the industrial revolution. ... An 1837 political cartoon about unemployment in the United States. ...


Free trade has also been suggested as a possible cause. In this view, during lean times companies are more likely to move factories and jobs offshore to cut costs. These jobs generally don't come back after the economy improves. Offshoring is considered bad for employee morale such that it is done slowly and with caution during times when economics are good because companies do not want to upset employees. However, during a recession, the fear of losing a job keeps employees from leaving, and thus more tolerant of offshoring. Free trade is an economic concept referring to the selling of products between countries without tariffs or other trade barriers. ... This article or section does not cite its references or sources. ...



 

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