Unemployment and the UK Labour Market Before, During and After the Golden Age

During the ‘golden age’ of the 1950s and 1960s unemployment in Britain averaged 2 per cent. This was far lower than ever before or since and a number of hypotheses have been put forward to account for this unique period in labour market history. But there has been little attempt to isolate precisely how the determinants of wage setting and unemployment differed before, during and after the golden age. We estimate a two-equation model over the whole period from 1872 to 1999 using a newly constructed set of long-run labour market data. We find that the structure of real wage setting was different in the golden age, consistent with notions about the postwar consensus, but it did not result in wages that were significantly lower relative to productivity than during other eras. Rapid growth in productivity and world trade together with low interest rates did keep unemployment lower during the golden age than after the 1970s. But the key difference between the golden age and the periods before and after was shifts in labour demand that are not accounted for by any of the variables that are usually thought to determine the equilibrium unemployment rate

Higher Education, the Health Care Industry, and Metropolitan Regional Economic Development: What Can “Eds & Meds” Do for the Economic Fortunes of a Metro Area’s Residents?

This paper examines the effects of expansions in higher educational institutions and the medical service industry on the economic development of a metropolitan area. This examination pulls together previous research and provides some new empirical evidence. We provide quantitative evidence of the magnitude of economic effects of higher education and medical service industries that occur through the mechanism of providing some export-base demand stimulus to a metropolitan economy. We also provide quantitative evidence on how much higher education institutions can boost a metropolitan economy through increasing the educational attainment of local residence. We estimate that medical service industries pay above average wages, holding worker characteristics constant, whereas the higher education industry pays below average wages; the wage standards of these industries may affect overall metropolitan wages. We also discuss other mechanisms by which these two industries may boost a metropolitan economy, including: increasing local amenities, generating R&D spillovers, increasing the rate of entrepreneurship in local businesses, and helping provide local leadership on development and growth issues. Finally, the paper discusses possible effects of these two industries on disparities between the central city and suburbs in a metropolitan area.higher, education, medical, service, industry, regional, economic, development

The Employment and Fiscal Effects of Michigan's MEGA Tax Credit Program

This paper estimates that Michigan's MEGA tax credit program to attract and retain businesses has large employment and fiscal benefits. MEGA provides discretionary tax credits to businesses, with the tax credit tied to the personal income taxes paid by employees on the new or retained jobs. We estimate the economic effects of MEGA using the Upjohn Institute's REMI model, and the research literature on how business location decisions respond to taxes. We estimate the fiscal effects of MEGA based on the research literature on how government spending and revenue respond to state personal income and population. The estimates suggest a lower bound to MEGA's effectiveness of being decisive in a little over 8 percent of the MEGA projects. Even with this modest success rate, MEGA is estimated to have fiscal benefits that offset about two-thirds of its gross fiscal costs. The net fiscal costs per job created of MEGA average less than $4,000 per job-year, which is less than the labor market benefits of job creation.State and local economic development policy, tax incentives, fiscal impact analysis, labor market benefits, regional multipliers

SOUTHERNMOST OCCURRENCE OF THE SUWANNEE COOTER, PSEUDEMYS CONCINNA SUWANNIENSIS (TESTUDINES: EMYDIDAE)

The Suwannee Cooter, Pseudemys concinna suwanniensis, the largest member of the speciose turtle family Emydidae, inhabits a small number of rivers that drain into the northeastern Gulf of Mexico along the northwest coast of Florida from just west of Tallahassee to just south of Tampa. The status of this state-protected subspecies in the southernmost of these rivers, the Alafia, is unknown and hence of conservation concern. We provide recent evidence confirming that a reproducing population still exists in this river, and review available specimens and both published and unpublished records documenting the southern limit of distribution. At least within the eastern United States, our observations also extend confirmed knowledge of the geographic occurrence of hatchling turtles overwintering in the nest southward by 285 km