Microeconomic Foundations

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Microeconomic Foundations On the face of it, the cause of unemployment seems clear: too many workers chasing too fewjobs. Yet this simple phenomenon has presented a tremendous puzzle for economists for 60 years. Experience shows that prices rise or fall to clear competitive markets. At the market-clearing price, buyers willingly buy what sellers willingly sell, But something is gumming up the workings […]

Cyclical unemployment

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Cyclical unemployment exists when the overall demand for labor is low.As total spending and output fall, unemployment rises virtually everywhere. In the recession year 1982, the unemployment rate rose in 48 of the 50 states. This simultaneous rise in Employments in many markets signaled that the increased unemployment was largely cyclical Similarly, from the recessions’s trough in 1991 to the boom year of […]

Structural unemployment

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Structural unemployment Signifies mismatch between the supply of and the demand for workers. Mismatches can occur because the demand for one kind of labor is rising while the demand for another kind is falling, and supplies do not quickly adjust. We often see structural imbalances across occupations or regions as certain sectors grow while others decline. For example, an acute shortage of […]

Frictional unemployment

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Frictional unemployment between regions and jobs or through different stages of the life cycle.Even if an economy were at full employment, there would always be some turnover as students search for jobs when they graduate from school or parents reenter the labor force after having children. Because fictionally unemployed workers are often moving between jobs, or looking for better jobs, it […]

ECONOMIC INTERPRETATION OF UNEMPLOYMENT

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ECONOMIC INTERPRETATION OF UNEMPLOYMENT Let’s turn now to the economic analysis of unemployment. Some of the important questions we address are: What are the reasons for being unemployed? What is the distinction between “voluntary” and “involuntary” unemployment? What is the relationship between different kinds of unemployment and the business cycle? Get Any Economics Assignment Solved for US$ 55

OKUN’S LAW

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OKUN’S LAW The most distress sing consequence of recession is a rise in the unemployment rate, As output falls, firms need fewer labor inputs: so new workers arc not hired and current workers arc bid off. The impact can be dram of the recession of 1981-1982, about lout 01 10 American workers was unemployed, Conditions in Europe were equally depressed in the […]

Economist as policymaker

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Economist as policymaker Arthur Okun (1929-1979) was one of the most aeatiYe American economic poIicymakers of the postwar era. Educated at Columbia. he taught at Yale until he joined the staff of President Kennedy’s Council of Economic Advisers in 1961. He became a CEA rnemberjn 1964 and President Johnson’s chainnan in 1968. After he left the CEA. Okun stayed in Washington […]

Social Impact

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Social Impact The economic cost of unemployment is certainly large, but no -dollar figure can adequately the, human and psychological loll of long periods 01′ persistent involuntary unemployment. The per- sonal tragedy of unemployment has been proved again and again. We can read of the futility of a job search in San Francisco during the Great Depression: I’d getup at five in […]

Economic Impact

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Economic Impact When the unemployment rate goes up, the economy is in effect throwing away the goods and services that the unemployed workers could have produced, During recessions, it is as if vast quantities of automobiles, housing, clothing, and other commodities were simply dumped into the ocean. How much waste results from high unemployment? What is the’ opportunity cost of recessions? Table […]