Ireland Is Reducing Unemployment By Reducing Wages
Ireland is seeing its labor market heal increasingly fast with unemployment dropping from a high of 15.1% in February 2012 to 14.1% in November 2012 and further down to 12.5% in November 2013. And contrary to some pundits this does not reflect enigration as employment is up 58,000, or about 3.2%, during the latest year, mening that employment is increasing faster than unemployment is decreasing.
Meanwhile, average hourly earnings dropped 1.8% in nominal terms (roughly the same in real, as inflation was roughly zero). Lower average earnings isn’t a good thing as a self-end, of course, quite to contrary it is negative. However it can be the means to achieve a reduction in unemployment. And that seems to be what is happening in Ireland, more Irish are finding jobs because they accept lower pay.
This is of particular interest since Keynesians have argued that nominal wage cuts are basically impossible and even to the limited extent they’re possible they wont work.
Source: http://stefanmikarlsson.blogspot.com/2013/12/ireland-is-reducing-unemployment-by.html
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