Skip to main content Accessibility help
×
Hostname: page-component-7479d7b7d-wxhwt Total loading time: 0 Render date: 2024-07-12T07:30:20.476Z Has data issue: false hasContentIssue false

15 - A Discussion of Belgium Unemployment, Combining Traditional Concepts and Disequilibrium Econometrics

Published online by Cambridge University Press:  01 June 2011

Get access

Summary

The sorest ill that Heaven hath

Sent on this lower world in wrath–

Unemployment (to call it by its name)

Waged war on economics,

Sparing no country from the plague.

They died not all, but all were sick.

No jobs were left;

So hope and therefore joy were dead.

Richard the Lion-hearted council held and said:

‘Let us all turn eyes within

And ferret out the hidden sin.’

Himself let no one spare nor flatter,

But make clean conscience in the matter.

‘I Yield myself’, concluded he;

‘And yet I think, in equity,

Each should confess his sins with me.’

Belgians, confessing in their turn,

Thus spoke in tones of deep concern:

‘We have little to say

That you do not know anyway.

Without claiming to be exhaustive

We put a few facts in perspective.

Then turn to summarising

Scanty results on manufacturing.

Next we illustrate a methodology

That was pioneered in our country.

By way of conclusions

We share our interrogations.’

Factual perspectives

With a GDP of less than $100 billion and exports of more than $60 billion, Belgium comes perhaps closer than any other country to being a ‘small open economy’. Consequently, trends in world trade and export performance have a major impact on domestic activity, whereas the impact of domestic fiscal policy is damped by import leakages. Table 15.1 presents a few figures confirming these observations.

Type
Chapter
Information
Underemployment Equilibria
Essays in Theory, Econometrics and Policy
, pp. 362 - 400
Publisher: Cambridge University Press
Print publication year: 1991

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

Save book to Kindle

To save this book to your Kindle, first ensure coreplatform@cambridge.org is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.

Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.

Find out more about the Kindle Personal Document Service.

Available formats
×

Save book to Dropbox

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.

Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

Available formats
×