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Based on the results of a three year empirical study analyzing the Italian economy, this work focuses on the role of state and private economic agents. Italy has a huge and interventionist governmental economic policy. Professor Padoa Schioppa Kostoris argues that much of this state action and regulation is irrational and counter-efficient. She further argues that the Italian economy is also characterized by a large and efficient black market, so that much of the private sector already evades state control. Since de facto deregulation therefore exists to a large extent, Kostoris calls for...

High and persistent unemployment has been experienced by most developed countries during the 1980s. Many researchers have sought to explain this development in terms of "mismatch," arguing that the economies that have suffered most from persistently high unemployment are those that have been least flexible in matching their unemployed with the available employment opportunities. This conference proceedings volume examines the evidence on sectoral wage differentials, labor mobility and the ratio of unemployment to job vacancies in detailed studies of seven countries with a wide variety of...

High and persistent unemployment has been experienced by most developed countries during the 1980s. Many researchers have sought to explain this development in terms of "mismatch," arguing that the economies that have suffered most from persistently high unemployment are those that have been least flexible in matching their unemployed with the available employment opportunities. This conference proceedings volume examines the evidence on sectoral wage differentials, labor mobility and the ratio of unemployment to job vacancies in detailed studies of seven countries with a wide variety of...