UNEMPLOYMENT AND OTHER MEASURES OF LABOR MARKET INEFFICIENCY: A COMPARISON OF U.K. AND U.S. LABOR MARKETS 1931–96

Although unemployment is often used as a measure of labor market inefficiency, economic theory indicates that market inefficiency is determined by both the gap between and the elasticities of supply and demand. Using time series data for the United States and United Kingdom, this article investigates how good the unemployment rate is as a measure of labor market inefficiency by calculating the deadweight loss associated with unemployment rates over time. Results show that the loss arising from unemployment is low across time and countries and that the unemployment rate is often a weak proxy for comparing labor market inefficiency. (JEL J6 )     

On the Relation between Edge and Vertex Modelling in Shape Analysis

Objects in the plane with no obvious landmarks can be described by either vertex transformation vectors or edge transformation vectors. In this paper we provide the relation between the two transformation vectors. Grenander & Miller (1994 ) use a multivariate normal distribution with a block circulant covariance matrix to model the edge transformation vector. This type of model is also feasible for the vertex transformation vector and in certain cases the free parameters of the two models match up in a simple way. A vertex model and an edge model are applied to a data set of sand particles to explore shape variability.     

George Herbert Mead's Theory of Self: A Study in the Origin and Convergence of Ideas*

Bien que la théorie du moi de George Herbert Mead soit considérée comme l'une des contributions les plus importantes au développement des sciences du comportement, la place de cette théorie dans le processus d'évolution des idées de Mead demeure peu connue. Par le biais d'une analyse des travaux de Mead, cet article conçoit cette théorie comme étant la convergence de ses intérêts en biologie, dans la réforme scolaire, en philosophic en psychologie, et en sociologie. On y discute également les conséquences de cette constatation sur les théories contemporaines du moi. While George Herbert Mead's theory of self is recognized as one of the leading contributions to the development of the behavioural sciences, the position of this theory relative to the maturation of Mead's own idea system is unexplored. Through an analysis of the works of Mead, this paper examines the theory as a convergence of his interests in biology, educational reform, philosophy, psychology, and sociology. Also discussed are the implications of this fact for contemporary theories of the self.     

THE ECONOMICS OF JOB SEARCH: A SURVEY

Part I of this survey presents a comprehensive and inte- grated analysis of job search. The labor market is characterized by incomplete information and search is conducted in an optimal manner. A variety of job search models are studied in this microeconomic setting. The paper contains a number of new results. Part 11 of the survey [to appear in the September 1976 issue of Economic Inquiry] addresses the empirical and policy implications of search theory.     

EXPECTED INFLATION AND INTEREST RATES

While there may have been a Darby-Feldstein effect in the 1960's (interest rates rising by more than expected inflation because of tax considerations), the relationship is so variable that it more likely reflects changing investor confidence in the expected returns to capital assets. In addition, the degree of capacity utilization appears to have a strong influence on short-term interest rates, and there is a statistically significant but quantitatively small liquidity effect from changes in the growth rate of money.