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| Author: | Minford, P. |
| Title: | Emerging markets, unemployment and inflation |
| Journal: | Economic Affairs
1994 : WINTER, VOL. 15:1, p. 40-45 |
| Index terms: | ECONOMIC CONDITIONS TRADE ASSOCIATIONS PAY MARKETS UNEMPLOYMENT INFLATION |
| Language: | eng |
| Abstract: | There is evidence today of dramatic changes in the labor market as a result of competition between low-wage "emerging market" economies and the rich OECD countries. The author claims that in addition to the shocks identified up to now in the operation of OECD labour markets, it is necessary to consider the effects of low-wage competition from emerging market economies. If one examines the extraordinary difference between labour costs in these economies and in the OECD, especially Europe, one is bound to reflect on the implications of technological transfer to the emerging countries that takes advantage of this cost disparity. |
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