TOWARDS A NEW FULL EMPLOYMENT STRATEGY IN A DEVELOPING ECONOMY: The Nigerian Case
- Joe U. Umo
- ( paper pages. 295 - 321 )
Abstract
The paper argues that the traditional concept of
unemployment can only partially reflect the employment crises which
conventional monetary-fiscal policy should address in a developing economy. The
concept of human capital wastage index (HCWI) has been proposed and shown to be
a more robust concept which should be targeted for achieving full employment as
it has the potential of also addressing the related problem of poverty. The
proposed agenda for pursuing this new full/maximum employment agenda (as
reflected in a drastic reduction in HCWI) targets the removal of all
impediments to the conventional monetary–fiscal stabilization approach including:
putting full employment at the core of development programmes; pursuing an
aggressive strategy of financial inclusion; eliminating impediments to
financial intermediation; and pursuing a holistic engagement of aligned micro, meso
and macro policies, which should include the Central Bank in proactive wage
negotiations/agreements.
Citation
Joe U. Umo.
2024.
"TOWARDS A NEW FULL EMPLOYMENT STRATEGY IN A DEVELOPING ECONOMY: The Nigerian Case"
The Nigerian Journal of Economic and Social Studies,
66 (2): 295 - 321.
JEL Classification
E24, E43, E51, E52, E58, 011, 012
