This book investigates the structural and macroeconomic causes of persistent unemployment in industrialized nations during the late twentieth century. The authors, Richard Jackman, Richard Layard, and Stephen J. Nickell, utilize their extensive expertise in labor economics to construct a comprehensive framework for understanding labor market dynamics. By integrating theoretical models with rigorous empirical data, they examine the interplay between unemployment, inflation, and government policy. The text seeks to determine whether the goal of full employment is compatible with long-term price stability in modern economies.

Experts recognize this work as a foundational text for understanding the macroeconomic drivers of unemployment in developed nations. Readers frequently note the academic density of the prose and the authors' commitment to empirical rigor in their analysis of labor market institutions.