ECO 1102 Lecture Notes - Lecture 12: Frictional Unemployment, Structural Unemployment, Efficiency Wage

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ECO 1102 Full Course Notes
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ECO 1102 Full Course Notes
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Chapter 9 part 2: unemployment and its natural rate. Movements into and out of the labour force are common and complicate the measurement of the amount of unemployment. Because people more into and out of the labour force often, statistics on unemployment can be difficult to interpret. Unemployed people who are not try hard to find a job. People calling themselves unemployed in order to receive unemployment insurance. People who are officially unemployed but are working (cid:498)under the table(cid:499) Discouraged searchers: individuals who would like to work but have given up looking for a job. Unemployment 1 to more than 52 weeks decreases in %, official unemployment rate: 7. 4% Official rate + discouraged searchers + awaiting recall + involuntary part-time workers = 9. 8% From table 9. 2: 1/3 of those suffering through a spell of unemployment are for a month or less. 3/5 is unemployed for less than three months.

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