UNEMPCLASS

UNEMPCLASS - Unemployment Measuring unemployment and the...

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1 1 Unemployment Measuring unemployment and the unemployment rate Structural, frictional and cyclical unemployment Discouraged workers and hidden unemployment Natural Rate of unemployment Nominal and real wages Wages and productivity 2 News? 3 Applications Unemployment Situation
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2 4 Applications 65.9% 66.3% 59.4% Civilian Labor Force Participation Rate 9.4% 7.4% 5.5% Civilian Unemployment Rate 14,511 9,384 3,850 Unemployed 140,570 117,598 65,778 Employed 155,081 126,982 69,628 Civilian Labor Force 235,452 191,576 117.245 Civilian Non-institutional Population (16+) thousands 5/09 1992 1960 5 Selected HW Here 6 Harm of Unemployment - "…central social concerns of modern capitalism" Wasted resources loss of output/income/ wealth great depression - $2.1 trillion (1984 dollars) decay of human capital Social problems crime, illness, etc Can threaten very existence of capitalist economic system If system can't provide jobs to voters, then won’t long support system Appeal of communism in 1930’s
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This note was uploaded on 03/24/2011 for the course ECON 103 taught by Professor Lin during the Summer '08 term at Rutgers.

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UNEMPCLASS - Unemployment Measuring unemployment and the...

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