Economics A175 Chapter Notes - Chapter 15: Frictional Unemployment, Unemployment Benefits, Collective Bargaining
15 May 2020
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Document Summary
Losing a job is the most distressing event in a person"s life. Most people rely on their labor earnings to maintain their standard of living and people also get a sense of personal accomplishment. A job loss mean a lower: standard of living, anxiety of the future, reduced self esteem. A country that saves and invests a high fraction of its income enjoys a more rapid growth in capital stock and gdp. The problem of unemployment is divided into two categories: long run problem, short run problem. Most spells of unemployment are short, and most unemployment observed at any given time is long term. The bls (bureau of labor statistics) produces data each month on the labor market, including types of unemployment, average workweek and duration of unemployment. Often result of changes in demand for labor among different firms. Different regions of the country produce different goods, employment can rise in one region while another falls.
