U.S. Capitalism, 1972-1992: The Jobs Problem

Abstract

The official U.S. government estimates of the employment problem underestimate its true extent. In this article, I develop the argument that "subemployment" provides a more comprehensive and accurate conceptualization and measure of the problem than the government's focus on unemployment alone. Data on subemployment for the years from 1972 through 1992 are presented to demonstrate the characteristic insufficient supply of adequate jobs and that the problem is tending to worsen. While the subemployment data reveal a labor market that is producing both too few jobs and inadequate jobs, the problem of adequate jobs is the larger of the two employment deficits. Some implications are drawn from the analysis.