From Golden Age to Golden Age: Australia's ‘Great Leap Forward’?

• PAUL FRIJTERS ^[1] ; ROBERT GREGORY ^[2]
  1. [1] Queensland University of Technology

     Queensland University of Technology

     Australia

     
  2. [2] Australian National University

     Australian National University

     Australia

     
• Localización: Economic record, ISSN 0013-0249, Vol. 82, Nº. 257, 2006, págs. 207-224
• Idioma: inglés
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• Resumen

  • The 25 years after World War II witnessed strong labour market institutions and beneficial labour market outcomes – high wage growth and integration of low-skilled immigrants. Then came the macro shocks of the mid-1970s. Labour market outcomes deteriorated as full-time employment–population ratios fell, particularly among men; unemployment and welfare use increased; and real wages grew slowly. The golden age passed. In response, successive governments have increasingly begun to dismantle the institutional framework. We address this transition within a simple long-run graphical framework to help us marshal facts and arguments and to discuss the likely impact of institutional reform.