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Abstract: Youth labour outcomes in comparison to those of prime-age adults have worsened across the OECD since the mid-1970s. English-speaking countries experienced mostly declines in relative pay; continental European countries experienced mostly declines in relative employment. This paper aims to explain these developments by estimating a system of simultaneous equations on a panel of 10 advanced economies. The results suggest that the deterioration in the youth labour market has been due to inward shifts in relative demand, offset only partially by reductions in relative supply. The heterogeneity in the deterioration across countries was caused partly by differential rates of relative pay adjustment, depending on each country's mix of labour market institutions and the priority attached by social partners to youth employment.

"Aging populations in advanced economies are placing ever-increasing demands on government spending in the form of old-age benefits. Economies that have promised substantially more benefits than they have made provision to finance are heading into a prolonged era of fiscal stress. Unresolved fiscal stress raises the possibility that the economies will hit their fiscal limits where taxes and spending no longer adjust to stabilize debt. In such economies, monetary policy may lose its ability to control inflation and influence the economy in the usual ways. The paper discusses models of fiscal limits and their implications and lays out a research agenda to integrate political economy and empirical considerations with general equilibrium models of monetary and fiscal interactions"--National Bureau of Economic Research web site

This Element goes far beyond economic theory. It will also be of interest to representatives of the environmental sciences due to its focus on the "green" economy and sustainable development. It will also be interesting to the representatives of the social sciences, as it takes into account the peculiarities of emerging market economies. Learning from the COVID-19 pandemic makes this Element interesting from a health economics perspective.

Intro -- Half Title -- Title Page -- Copyright Page -- Table of Contents -- List of Contributors -- Acknowledgements -- Preface -- 1 The Rising Importance of Small and Medium-sized Firms: Towards a New Industrial System? -- 2 The Need for a New Evolutionary Theory of Time and Space: Contemporary Czechoslovak Industrial Change -- 3 People - Production - International Division of Labour -- 4 Locational Issues in World Aluminium -- Past, Present, Future -- 5 Spatial and Structural Changes in West European Papermaking -- 6 Spatial Perspectives on the Dynamics of the World Paint Industry -- 7 Two Multinationals in Competition -- 8 Telecommunications and the Global Firm -- 9 Spatial and Structural Consequences of Industrial Change: the American Gulf Coast Petrocrescent -- 10 Organisational and Regional Changes in Industrial Systems: Integration of the Oil Industry into an Advanced Economy -- 11 Spatial Impacts of Organisational Change in Hungarian Industrial Enterprises -- 12 Controlling the Territorial Production Complex Creation Process in the Soviet Union -- 13 The Regional Division of Labour: Machinery Manufacturing, Microelectronics and R & D in Japan -- 14 Technology Transfer to the EEC Periphery: the Case of Greece -- 15 Policy and High Technology Complexes: Ottawa's "Silicon Valley North -- 16 Business Services for Manufacturers: Demand Behaviour by Enterprises in Lower Saxony -- 17 Planning for Business Development in the Urban Transition Zone -- Index

Intro -- Editors' Foreword -- Table of Contents -- Ralf-Bodo Schmidt: "Unternehmungsphilosophie" and Human Concept - Questions to the Research of Real Theory - -- A. At first: subject of the study -- B. Secondly: The term "Unternehmungsphilosophie -- C. How: Values in goals and in the goal achievement of the company -- D. At fourth: Human Concepts and patterns of valuation -- E. And now: Questions to the research of real theory -- Tamiki Kishida: Entrepreneurshlp: Management Ideology and Corporate Strategy -- 1. Entrepreneurship and innovation -- 2. Hitachi vs. Matsushita, and Toyota -- 2.1 Hitachi -- 2.2 Matsushita -- 2.3 Toyota -- 3. No debt management and entrepreneurship -- 3.1 Questionnaire and no debt small and medium firms -- 3.2 Interview with no debt small and medium firms -- 3.3 Interview with no debt large firms -- 4. Summary and concluding remarks -- References -- Table 1: A Comparison of Various Authors' Concepts of Strategy and the Strategy Formulation Process -- Table 2: Characteristics of the Defender -- Table 3: Characteristics of the Analyzer -- Table 4: Characteristics of the Prospector -- Dieter Schneidewind: Management of a German Subsidiary in Japan - Experiences, Challenges, Solutions - -- 1. Introductory remarks -- 2. Case study of a German beauty & -- health care company -- 2.1 The local distributor and the preparation phase (1969-1971) -- 2.2 The formation of joint-ventures (1972) -- 2.3 The central role of the liaison office (1973-1975) -- 2.4 The short period of near 100% control (1976) -- 2.5 The participation of Japanese partners (1977-1980) -- 2.6 Amalgamation and consolidation (1980-1985) -- 2.7 Looking to forthcoming strategies (1986-1995) -- 3. Successful management of FAC in the Japanese consumer market -- 3.1 Handling the labor force challenge -- 3.2 The inevitable local production and logistic basis.

Abstract
In this paper we present and analyze the IMF's labor market recommendations for advanced economies since the beginning of the crisis, both in general and specifically in program countries. Our analysis is informed by our reading of the theoretical and empirical literature on the design of labor market policies and institutions in advanced economies. We organize our discussion around two concepts: micro flexibility, namely the ability of the economy to allow for the reallocation of workers to jobs needed to sustain growth; and macro flexibility, namely the ability of the economy to adjust to macroeconomic shocks. Achieving both types of flexibility while protecting workers and maintaining incentives for workers and firms to invest in existing relations, is not that simple, and the design of labor market institutions faces delicate trade-offs.

JEL codes

E2, J3, J5, J6