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MACROECONOMIC AND LABOUR MARKET POLICIES FOR EMPLOYMENT GENERATION IN SOUTH AFRICA
Author(s) -
Padayachee Vishnu,
Zarenda Harry
Publication year - 1996
Publication title -
metroeconomica
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.256
H-Index - 29
eISSN - 1467-999X
pISSN - 0026-1386
DOI - 10.1111/j.1467-999x.1996.tb00794.x
Subject(s) - unemployment , economics , work (physics) , democracy , politics , population , labour supply , supply and demand , supply side , demand side , labour economics , macroeconomics , development economics , political science , sociology , mechanical engineering , demography , law , engineering
The recent advent of political democracy in South Africa has brought into sharp focus those macroeconomic and labour policies designed to combat unacceptably high unemployment levels, that have escalated steadily to present estimates of approximately 40 per cent of the Economically Active Population. The continuing implementation of neo‐liberal orthodox policies, the authors maintain, will aggravate the problem. An alternative theoretical framework containing elements of a neo‐Ricardian, post‐Keynesian approach and based on research work of the Macroeconomic Research Group (MERG) is advocated. This approach focuses on State‐led, demand‐inducing policies, while not neglecting the supply side of the labour market in South Africa.