UNEMPCLASS - Unemployment and Wages Measuring unemployment...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
1 Unemployment and Wages ± Measuring unemployment and the unemployment rate ± Causes and Policies ± Natural Rate of unemployment & NAIRU ± Okun’s law ± Nominal and real wages and productivity ± International Comparisons unemployment blues , the unemp game show 1 News? 2 Course Issues ² Spring Course Ideas ² Investment Game ± Round 3 –Mutual Funds ² Midterm – results, meaning, etc 3 ² Extra Credit - coming ² Check grades in Gradebook! ² Clicker Points- last chance to fix ² Food Inc ² ODE
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
2 Course Ideas 4 Macroeconomic Unemployment Policies - Should they be Used? ± Keynesian ² Demand Management Policies ± Unstable economy ± Counter cyclical unemployment ± monetary/fiscal policy ± Unstable economy stuck below full employmen 5 Unstable economy, stuck below full employment ± Classical/Monetarist ± In the long-run economy will settle at equilibrium at natural (full) rate of unemployment (NAIRU) ± Stabilization policy unnecessary and ineffective (lags, rational expectations) ± Reduce structural and frictional causes: minimum wages, training, etc ± Government policies are the problem, not the solution ² Minimum wage laws, regulations, etc Harm of Unemployment - "…central social concerns of modern capitalism" ± Wasted resources ² loss of output/income/ wealth ² great depression - $2.1 trillion (1984 dollars) ² decay of human capital 6 ± Social problems ² crime, illness, etc ±
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 02/05/2012 for the course 220 103 taught by Professor Sheflin during the Fall '09 term at Rutgers.

Page1 / 8

UNEMPCLASS - Unemployment and Wages Measuring unemployment...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online