Abstract
The problem of unemployment experienced in most major OECD countries is increasingly recognised as being ‘structural’ in the sense that short-term Government measures are unlikely to stimulate a return to levels of unemployment experienced in the 1950's and 1960's. In this paper a framework is presented for assessing the problem in terms of the possible insufficiency of the employment-creating potential of the capital stock which can be profitably utilised, and is illustrated with reference to UK manufacturing industry. From this perspective, trends in investment activity and the technologies associated with new plant and equipment have, in association with other economic developments, contributed significantly to our current difficulties. Finally, an attempt is made to put the analysis described here into the context of the current unemployment debate and to assess the role of formal analysis in this field.
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