[business_cycle] update made to the lecture #641
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thanks @bishmaybarik -- I will take a closer look over the weekend. Appreciate the PR. |
mmcky
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Aug 25, 2025
| @@ -591,8 +591,7 @@ plot_comparison(unempl_rate, countries, | |||
| plt.show() | |||
| ``` | |||
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| We see that France, with its strong labor unions, typically experiences | |||
| relatively slow labor market recoveries after negative shocks. | |||
| We see that France, with its strong labor unions, typically experiences slower labor market recoveries after negative shocks because union influence often leads to stringent employment protection laws, high firing costs, and rigid wage structures. While these measures protect existing workers, they reduce firms’ flexibility to adjust labor costs and hiring in response to changing economic conditions, causing lower labour market adaptability during recoveries. | |||
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| We see that France, with its strong labor unions, typically experiences slower labor market recoveries after negative shocks because union influence often leads to stringent employment protection laws, high firing costs, and rigid wage structures. While these measures protect existing workers, they reduce firms’ flexibility to adjust labor costs and hiring in response to changing economic conditions, causing lower labour market adaptability during recoveries. | |
| We see that France, with its strong labor unions, typically experiences slower labor market recoveries after negative shocks. | |
| It is often suggested that a high degree of labor union influence can lead to stringent employment protection laws, higher firing costs, and more rigid wage structures. | |
| While these measures protect existing workers, they can reduce firms’ flexibility to adjust labor costs and hiring in response to changing economic conditions, causing lower labour market adaptability during recoveries. |
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@bishmaybarik I have made the comment less conclusive. There is active debate on the tradeoffs here so I think this language is a bit more neutral. What do you think?
I have also used single sentence paragraphs (as per style guide).
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Hi @mmcky ,
Thanks for making these changes. There look great to me. And yes, this language is more neutral and explains things clearly. Thanks a lot!
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@mmcky and @HumphreyYang I have added some additional information about why has France observed a slower recovery in labour market. You can refer to this source for more information.
This PR fixes #294 issue.