RETHINKING JOB CREATION: ONTOLOGICAL AND EPISTEMOLOGICAL FOUNDATIONS OF MACROECONOMIC EMPLOYMENT ANALYSIS
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https://doi.org/10.5281/zenodo.18893496##article.subject##:
Inflation; Economic Growth; Unemployment; Phillips Curve; Okun’s Law; Job Creation; Macroeconomic Stability.##article.abstract##
This article develops a conceptual and philosophical reassessment of job creation within the broader field
of macroeconomic employment analysis. Rather than focusing exclusively on empirical regularities, it examines the
ontological and epistemological foundations underlying dominant macroeconomic frameworks—particularly the Phillips
Curve and Okun’s Law—that have historically shaped interpretations of the relationships among inflation, economic growth,
and unemployment. The study reinterprets these relationships through the lens of job creation and job destruction, with
particular attention to emerging and transitional economies where labour market dynamics often diverge from standard
theoretical assumptions.
The analysis revisits classical, expectations-augmented, and New Keynesian approaches to the inflation–unemployment
nexus, alongside contemporary interpretations of the growth–unemployment relationship. However, instead of treating
these models solely as empirical instruments, the article critically evaluates their underlying assumptions regarding the
nature of macroeconomic causality, equilibrium adjustment, and labour market responsiveness. It further examines how
concepts such as nonlinearity, asymmetry, structural shifts, and institutional conditioning challenge the interpretation of
macroeconomic relationships as stable and universally applicable laws.
Special attention is given to structurally evolving and post-transition economies, where conventional linear macroeconomic
specifications may not fully capture the complexity of employment responses to fluctuations in output and prices. In such
contexts, job creation appears not only as a consequence of aggregate demand expansion but also as a process shaped
by institutional arrangements, expectation formation, structural rigidities, and policy credibility. The article therefore
argues that macroeconomic employment analysis should incorporate business-cycle asymmetries, regime changes, and
institutional diversity in order to maintain analytical relevance.
Methodologically, the study adopts a structured analytical and philosophical review approach. It contrasts theoretical
propositions with cross-country empirical evidence while clarifying the ontological status of macroeconomic variables
and the epistemological strategies used to examine them. Within this framework, job creation and job destruction are
conceptualised as structurally embedded macroeconomic processes shaped by the interaction of output dynamics,
inflation expectations, monetary–fiscal coordination, and institutional constraints.
The contribution of the article lies in reinterpreting the Phillips and Okun traditions within a coherent philosophical
perspective that clarifies the conceptual foundations of macroeconomic employment analysis. By synthesising theoretical
debates and methodological considerations, the study establishes a rigorous conceptual platform for future empirical
modelling and policy-oriented research aimed at supporting sustainable and employment-intensive economic growth in
structurally transforming economies.
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