Mych03b - Chapt er 3(Cont inued What is left in t his chapt...

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Chapter 3 (Continued) What is left in this chapter concerns Unemployment 1) Its definition 2) Its relation to change of individual status 3) Its conceptual aspects 4) Its classification 5) Its relationship with output (’Okun’s Law’) 6) Additional topics 1
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1) Definition back from Chapter 1: The unemployed refers to someone in the labor force [not those, say, in jail] seeking job [not those voluntarily staying out] unable to find job [not those declining all job offers] Remark: This definition is useful for deciding who qualifies 2
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Unemployment is also with implications that are: psychological, social, political and managerial How is it dealt, decides how people live. 3
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Unemployment is also with implications that are: psychological, [unemployment = rejection?] social, political and managerial How is it dealt, decides how people live. 4
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Unemployment is also with implications that are: psychological, [unemployment = rejection?] social, [are there 2 nd class citizens?] political and managerial How is it dealt, decides how people live. 5
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Unemployment is also with implications that are: psychological, [unemployment = rejection?] social, [are there 2 nd class citizens?] political and [how powerful is the Proletariat?] managerial How is it dealt, decides how people live. 6
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Unemployment is also with implications that are: psychological, [unemployment = rejection?] social, [are there 2 nd class citizens?] political and [how powerful is the Proletariat?] managerial [can firms be competitive?] How is it dealt, decides how people live. 7
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2) Movements between labor’s employment status (1976- 2000) Labor participatio n Encouraged or not in job search 8
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Movements between labor’s employment status (1976- 2000) Labor participatio n Encouraged or not in job search Labor Force 9
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Employed labor/Adult population = Employment ratio Unemployed / Labor force = Unemployment ratio Labor force / Adult population = Participation ratio In long recession, the measured unemployment ratio may not increase, when the discouraged stops job search 10
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