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Lecture

Chapter 9 Highlights.docx

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Department
Economics
Course
ECO1102
Professor
Lawrence Harris
Semester
Winter

Description
Chapter 9 Highlights Unemployment and its “natural rate” What is bad about employment? ­ social and personal probs ­ econ prob” GDP lowers as loses out getting production  Measuring unemployment ­ not in labour force: babies, pets, children, adult pop: students, retired, infirm ­ employed: full time and part time work ­ unemployed: temporarily laid off or looking for a job (still in labour force) unemployment rate= unemployed/labour force x100 participation rate= labour force / adult population x100 Imperfections in StatsCan “discouraged searchers” not included in unemployment stats­ for a long time tried hard to  find employment and could not, so they stopped looking “underemployment”­ ppl working but not at jobs that make full use of skills ­ ex) PhD taxi driver, more skills that aren’t utilized in career Non full time jobs­ some ppl work 2 jobs but don’t find this ideal ­ can only find parttime when they want full time! Stay at home parents not counted
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