The Short Run: The Rise and Decline of Unemployment
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Unemployed labour is obviously a waste of a potentially valuable resource: during the 1980s, the unemployment rate in Malaysia — combining the actively and passively unemployed — averaged 6.5 per cent and did not fall below 5 per cent. Moreover unemployment was slow to recover from the high point of 8.3 per cent during the recession in 1986. Only in the early 1990s did the unemployment rate finally achieve consistently low rates.
KeywordsUnemployment Rate Real Wage Nominal Wage Real Earning Collective Bargaining Agreement
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