ECON 2030 Chapter : Menu 24 Feb 14
Document Summary
Today"s menu: monday 24 february 2014: business, practice problems, chapter 24: 8-10; 13-15, chapter 25: 1, 2, 4, 8, 12, 15-17, 19-21, second exam: three weeks from today (17 march, office hour tomorrow: 7:00-10:30. Substance: unemployment: four types, frictional sometimes called search unemployment, definition, short-term; desirable, macro wants the soonest and most productive allocation, focuses on individuals of labor, this is the good type. Unemployment related to the business cycle; (related to: definition ugly type; the worst recessions but there isn"t a job so resources are going to waste. Bad bc you could be the most productive person in world. Policies must be national bc its effecting all industries and: short or long-term; very undesirable; policies regions; must be focused on creating jobs, examples. Having a society with zero unemployement is not. So everyone is either fricitonal or structural. Only one person unemployed for every job.
