ECON-E 202 Chapter Notes - Chapter 11: Creative Destruction, Underemployment, Unemployment
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Unemployed: workers are adults who do not have a job but who are looking for work: adult: 16 years or older, not institutionalized (prison, a civilian, looking for work. Unemployment rate: percentage of the labor force without a job: Labor force participation rate: the percentage of adults in the labor force. Single best indicator of how well the labor market is working in both of these sense, but it is incomplete. Does(cid:374)"t (cid:373)easu(cid:396)e the (cid:395)uality of the jo(cid:271)s people take o(cid:396) ho(cid:449) (cid:449)ell (cid:449)o(cid:396)ke(cid:396)s a(cid:396)e (cid:373)at(cid:272)hed to thei(cid:396) jo(cid:271)s: taxi driver with a phd, someone who is part-time but wants to be full-time. Underemployment rate: a bureau of labor statistics measure that includes part-time workers who would rather have a full-time position and people who would like to work but have given up looking for a job. Is short-term unemployment caused by the ordinary difficulties of matching employee to employer: causes:
