ECON 1010 Lecture Notes - Lecture 2: Labour Force Survey, Capital Loss, Real Wages
10 Mar 2018
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Tuesday, january 23, 2018 lecture 2 (lecture 2 - chapter 21 - monitoring jobs & inflation) Reminders: quiz one is due on saturday, this is the second half of the intro chapters. Loss of human capital -- loss of knowledge workers: they can lose wages for a long time -- especially if their skills go obsolete. Also, they mightn"t be eligible for unemployment benefits. Labour force survey: unemployment causes competitiveness among workers -- updating qualifications, gaining more skills & knowledge, unemployment is like an unused resource. It"s ver(cid:455) e(cid:454)pe(cid:374)sive a(cid:374)d e(cid:454)tre(cid:373)e: you"d i(cid:374)(cid:272)ur (cid:373)ore losses, espe(cid:272)iall(cid:455) (cid:271)e(cid:272)ause prefere(cid:374)(cid:272)es (cid:272)a(cid:374)"t change. Plus, there"d be no innovation nor competition: ex. Since flip phones became obsolete, there"s no real reason to produce any more: goal here: keeping unemployment at a manageable level, unemployment levels are measured by stats can every month through a labour.
