EC140 Chapter Notes - Chapter 21: Nominal Interest Rate, James Rossiter, Typewriter
21
EC140 Full Course Notes
Verified Note
21 documents
Document Summary
Ec140 chapter 21: monitoring jobs and inflation. Typical day in canada: 1 million people unemployed. Worst during great depression: 1 in 5 workers were unemployed. Serious personal and social economic problem for 2 main reasons: Loss of job = loss of income and lost production. Losses are devastating and make unemployment frightening prospect for everyone. Unemployment benefits create safety net but don"t replace lost earnings. Prolonged unemployment permanently damages person"s job prospects by destroying human capital lowers living standards now and future. Manager gets fired and can only be a taxi driver, then discovers he can"t compete with new mba graduates lost some of his human capital. Statistics canada perform this survey monthly asks 54 000 households about age and job market status of members of each household. Population divides into 2 broad groups: working age population, and others too young to work or are living in institutions and are unable to work.
