This article argues that the current global economic crisis is an outcome of the excessive growth of the financial market over the real economy, and hence, of fictitious profits over real profits. In investigating the interrelation between the financial market and the real economy, it makes a comparative inquiry into two key assertions regarding economic crisis within Marxism: the tendency for the rate of profit to fall and overaccumulation of capital. Accepting the claim that economic crisis is inherent to capitalism, this article probes the role of countervailing tendencies in battling the tendency for the rate of profit to fall. While crisis is an outcome of both the extensive growth of fictitious profits and the tendency for the rate of profit to fall, the latter is identified as the fundamental reason for the current crisis. Labour market reforms that were implemented following the emergence of the economic crisis represent the resurgence of countervailing tendencies and are the most explicit evidence that the fundamental reason for the crisis resides in the real economy.

The purpose of this article is to investigate emerging areas of precarious employment in Sweden. Based on the literature on dimensions of precariousness and neoliberalism, this article will begin with an analysis of the transitioning Swedish welfare state and the contextual environment of precarious employment in Sweden. This will serve as a point of departure for the development of an occupational classification scheme including measures of income and employment security. In an empirical analysis, the occupational classification will be applied to a population-based register material including two birth cohorts of employed Swedish residents aged 28–33, with a registered income. The development of income and employment security will be described and discussed. By applying this newly developed measure of precarious employment, this article will provide a platform for future theoretical and empirical research on precarious employment in a transitioning welfare state.

We use a labor search model with heterogenous households and firms to study the efficacy of a wage subsidy during a pandemic, relative to enhancing unemployment benefits. A large proportion of the economy is forced to shut down, and firms in that sector choose whether to lay off workers or keep them on payroll. A wage subsidy encourages firms to keep workers on payroll, which speeds up labor market recovery after the pandemic ends. However, a wage subsidy can be costlier than enhancing unemployment benefits. If the shutdown is long or profit margins are low, then a wage subsidy is preferable and vice versa. The optimal mixture of policies includes a wage subsidy that covers 90$\%$ of the first $200/week of earnings and expands unemployment benefits to cover all salary up to $275/week. Low-income workers, as well as those in less productive jobs, benefit the most from a wage subsidy.

In the face of strong policy interest in the possible regulation–jobs linkage and weak analytical evidence to support a generalizable conclusion, what should a regulatory agency like the Environmental Protection Agency do in a regulatory impact analysis (RIA)? Initially, an RIA should start with a clear concept of what the regulatory agency is trying to estimate. Much of the popular debate is looking for a total job effect. Yet one thing we do know is that, in aggregate, there will not be a net job change unless the economy deviates from its normal rate of full employment. The gist of our literature review suggests that looking to historic data for stable statistical relationships between regulatory spending and job changes, even in a single industry, is tenuous at best. However, the intuition is relatively easy to trace out with certain assumptions: (1) added costs imply added activity that entails added jobs; (2) higher product prices or other regulatory limits imply less production that entails fewer jobs. Taking an average employment rate per dollar of relevant economic activity, coupled with an assumed demand elasticity, these effects can be multiplied out into job changes, although such simple calculations must be tested by validating key assumptions or exploring the estimates sensitivity to alternatives. New estimates by Belova, Gray, Linn and Morgenstern [(2013a). Environmental Regulation And Industry Employment: A Reassessment. Center for Economic Studies, U.S. Census Bureau Discussion Paper, CES 1336, July.] indicate that extending and expanding the widely cited approach by Morgenstern, Pizer and Shih [(2002). Jobs Versus the Environment: An Industry-Level Perspective. Journal of Environmental Economics and Management, 43, 412–436] is unlikely to be successful. Finally, more effort is needed to inform the public about the potential job impacts of new regulations, especially the distinction of these impacts from long-term technological and economic trends.

We examine the impact of participation in sport at secondary school on post-school pathways using a survey of Irish school-leavers, distinguishing between those who dropped out of sport during their secondary school years and those who continued playing in their final school years. We find that members of this latter group are, on completion of secondary schooling, significantly and substantially more likely to continue their education rather than to join the labour market. This effect survives controlling for individual background traits, school characteristics, attachment to the school and academic achievement. Our results are also robust to the use of propensity score matching to control for selection into participation in sport based on observable characteristics. We relate our findings to previous work on the potential labour market benefits of participation in sport and to the emerging literature on the role of consumption value in educational choice.

This article studies inequality in Buenos Aires from the late colonial period to the beginning of the belle époque through series of prices based on primary sources. This enables a comparison of the evolution of land prices and wages in order to estimate the functional income distribution among workers and proprietors. The evolution of livestock prices is assessed as well to capture a more complete image of capital income, due to the importance of cattle raising for the economy of Buenos Aires. The outcome reveals an increasing inequality since the dawn of the cattle-farming boom at the beginning of the independent era.