Abstract
The persistently high or even increasing levels of unemployment are one of the most serious economic problems in Europe. A number of empirical studies suggest that the problem of unemployment is most serious and even aggravated for the least educated part of the workforce.1 Therefore the rise in unemployment is often attributed to increased imbalances between the skill pattern of labour supply and labour demand. Skill biased technological progress and increasing skill requirements in production are discussed as main explanations for this development. As human capital and technological progress are also driving forces of economic growth, mismatch and growth should be evaluated as related phenomena. But, the interaction of growth and unemployment has rarely been investigated in the theoretical literature.2
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