ECON 2002.01 Lecture 10: Unemployment
7 Feb 2019
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Population mm gage epinwssninm 4a. in1 non in a. Unwillingto work onmaternitypalenity leave elderlyetc bortorce employed unemployed. Unemployed: willing and able to work, actively searching, doesn"t currently have a job. Active search: applying, going to job counseling, putting real effort in. Passive search: just talking about getting a new job. Job growth incr. , unemployment rate (ur) decr. Labor force incr. , ur incr. quit or layed off. Only requires 1 hour of paid work (w/ official record ~ formal economy) Don"t need to be paid (like if you own your own business/family business) Hard to distinguish between looking for work and looking got a job with a higher wage. Discouraged workers (lost job, looked, and gave up) Underemployment (occurs when available to work but not scheduled) Frictional unemployment: individual level (mismatch in skills and jobs) caused by imperfect information. Structural unemployment: industry level, caused by an industry failing (ex. coal industry) methods to help include new skills training and education grants.
