Economics 1022A/B Lecture Notes - Lecture 2: Core Inflation, Output Gap, Deflation

• School: Western University
• Department: Economics
• Course: Economics 1022A/B
• Professor: Michael Kottelenberg

Document Summary

Lost (cid:862)hu(cid:373)a(cid:374) (cid:272)apital(cid:863) (cid:894)if u(cid:374)e(cid:373)plo(cid:455)(cid:373)e(cid:374)t is prolo(cid:374)ged(cid:895) Every month, statistics canada conducts a labour force survey of 54,000 households. There are two types of working-age people without jobs: Some of these people would work if they could. Others do not want a job and are not trying to get one. These people are (cid:272)o(cid:374)sidered (cid:862)(cid:374)ot part of the la(cid:271)our for(cid:272)e. (cid:863) The labour force is the sum of employed and unemployed workers. So the working-age population is divided into two groups: people in the labour force (employed + unemployed, people not in the labour force. Noti(cid:272)e that the (cid:862)u(cid:374)e(cid:373)plo(cid:455)ed(cid:863) (cid:272)ategor(cid:455) does(cid:374)"t (cid:272)ount people who would work more if they could. Many part-time workers want to work part time, but some part-time workers would like full-ti(cid:373)e jo(cid:271)s a(cid:374)d (cid:272)a(cid:374)"t fi(cid:374)d the(cid:373). In the official statistics, these workers are referred to as economic part-time workers.