The Structuralist Theory of Employment

@inproceedings{Phelps2000TheST,
  title={The Structuralist Theory of Employment},
  author={Edmund S. Phelps},
  year={2000}
}
The postwar era showed us that we knew much less about employment determination than we thought. In this country, I remember, economists estimated in the mid-1950's that unemployment could fall to 4.5 percent or less without bringing an inflation problem. Later, it took an unemployment rate around 5 percent to keep inflation stable, as 1964 and 1973 illustrated. By the mid-1980's, it apparently took an unemployment rate of more than 6 percent: witness the turnaround of the inflation rate early… CONTINUE READING

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