Discussion of Microeconomics of the Australian Labour Market
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چکیده
I would like to start off with a question. It is a question that John’s paper hints at, but one that never quite gets asked directly. The question is motivated by John’s observation that while the distribution of wages has widened in Australia, it is still more compressed than in some other countries with lower unemployment rates. My question is the following: to what extent is the persistently high unemployment rate in Australia attributable to too high an aggregate real wage, and to what extent is it due to a lack of relative wage flexibility? Figure 1 helps make the question a little more concrete. It shows the unemployment rates for workers with post-school qualifications and for those without post-school qualifications. Three observations can be made. First, both unemployment rates are high. Second, the unemployment rate for workers without post-school qualifications (largely, unskilled workers) is much higher than for those with post-school qualifications. Third, this difference between the two rates has tended to increase through time.
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