Mych03b - Chapter 3(Continued What is left in this chapter...

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Unformatted text preview: Chapter 3 (Continued) What is left in this chapter concerns Unemployment 1) I ts definition 2) I ts relation to change of individual status 3) I ts conceptual aspects 4) I ts classification 5) I ts relationship with output (’Okun’s Law’) 6) Additional topics 1 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 2 Unemployment is also with implications that are: psychological, social, political and managerial How is it dealt, decides how people live. 3 Unemployment is also with implications that are: psychological, [unemployment = rejection?] social, political and managerial How is it dealt, decides how people live. 4 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 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 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 2) Movements between labor’s employment status (1976- 2000) Labor participatio n Encouraged or not in job search 8 Movements between labor’s employment status (1976- 2000) Labor participatio n Encouraged or not in job search Labor Force 9 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 3) Concepts and facts of...
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This note was uploaded on 03/10/2010 for the course ECON 3140 taught by Professor Mbiekop during the Spring '07 term at Cornell.

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Mych03b - Chapter 3(Continued What is left in this chapter...

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