Youth unemployment
Sir, — J. M. Tocker says “excessive” wages cause youth unemployment. The facts are that all O.E.C.D. countries from Reagan United States to Thatcher Britain have much higher youth than adult unemployment (see O.E.C.D. report on Youth Unemployment, May, 1984). Capitalist economies have no way of substituting new jobs for jobs lost by technical progress, rationalisation and foreign competition. Therefore, redundancy affects all firms sooner or later. Since employers dislike sacking workers they operate a “sinking lid.” They do not replace lost staff. That means there are fewer chances for new entrants to the labour force — largely youths — at any wage. Correct macro-economic policies, as we had them from 1938 to 1968 — even until 1975 — that is protection and planning of our balance of payment and of industry, can create full employment for the young. Bad macro-econo-mics (“deregulation”) create unemployment for old and young. — Yours, etc., W. ROSENBERG. February 10, 1986.
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Press, 11 February 1986, Page 20
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152Youth unemployment Press, 11 February 1986, Page 20
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