CAPITAL FORMATION AND UNEMPLOYMENT
批评经合组织国家过度依赖劳动力市场政策创造就业，强调增加资本存量（生产能力投资）同样重要，并基于NAIRU模型分析资本存量的作用。
This paper criticizes the current enthusiasm for labour market policies as the main route to employment creation in OECD countries. Such policies are normally seen as a means of encouraging more employment on existing capital stock. This approach is one-sided and downplays the equally important task of increasing productive capacity. With more investment in productive capacity, conventional labour market policies for increasing employment would be more effective and some might be unnecessary. The paper analyses the role of capital stock within the framework of a simple NAIRU model based on previous work by the author. It also presents some empirical evidence. Copyright 1995 by Oxford University Press.