"Unemployment, according to the OECD (Organisation for Economic Co-operation and Development), is people above a specified age (usually 15) not being in paid employment or self-employment but currently available for work during the reference period."
Study of the phenomenon of individuals who are willing and able to work but cannot find a job, the different types and causes of unemployment, and policies aimed at reducing it.
Types of unemployment: This includes the four types of unemployment; frictional, structural, cyclical, and seasonal.
Labor force participation rate: This measures the percentage of the working-age population that is employed or actively looking for work.
Unemployment rate: This is the percentage of the total labor force that is unemployed and actively seeking employment.
Labor market equilibrium: This is the point at which the demand for labor and the supply of labor intersect, resulting in full employment.
Causes of unemployment: This includes factors such as changes in technology, shifts in consumer demand, and economic recessions.
Unemployment benefits: This is the financial assistance given to those who have lost their jobs and are seeking employment.
Human capital: This refers to the skills, knowledge, and abilities workers acquire over time, which can increase their employability.
Wage determination: This is the process by which the wage rate for a particular job is determined based on supply and demand.
Labor market discrimination: This occurs when certain groups of workers are unfairly treated in the job market due to their race, gender, or other factors.
Policies to reduce unemployment: This includes fiscal and monetary policies that are designed to increase economic growth and job creation.
International labor markets: This explores labor market trends and policies in different countries and how they impact global unemployment rates.
Unemployment and inflation: This discusses the relationship between these two economic indicators and how they can impact the overall economy.
Frictional unemployment: Refers to temporary unemployment that occurs when someone is in between jobs and searching for a new one.
Structural unemployment: Happens when there is a mismatch between the skills and education of the workers and the available job opportunities. It can also occur due to changes in technology, outsourcing, or changes in the global marketplace.
Seasonal unemployment: Occurs due to regular and predictable seasonal fluctuations in the demand for certain types of labor. Examples include holiday jobs, agricultural work, and summer jobs.
Cyclical unemployment: Results from fluctuations in the business cycle; it is high during economic downturns and low during periods of expansion.
Technological unemployment: Occurs when new technologies or automation replace human labor, leading to job loss.
Classical unemployment: Occurs when wages in a particular market are above the equilibrium level, leading to a surplus of workers.
Natural unemployment: Refers to the minimum level of unemployment that is consistent with steady inflation rates and long-term economic growth. It is a combination of structural, frictional, and seasonal unemployment.
Underemployment: Occurs when workers are employed in jobs that are below their skill level or do not provide enough hours of work.
Hidden unemployment: Refers to individuals who are not counted in official unemployment statistics, such as those who have given up looking for work or are working part-time but would like to work full-time.
Graduate unemployment: Occurs when individuals are unable to find employment after completing their studies. It is a form of frictional or structural unemployment.
"Unemployment is measured by the unemployment rate, which is the number of people who are unemployed as a percentage of the labour force (the total number of people employed added to those unemployed)."
"Unemployment can have many sources, such as new technologies and inventions, the status of the economy, competition caused by globalization and international trade, policies of the government, and regulation and market."
"Unemployment and the status of the economy can be influenced by a country through, for example, fiscal policy. Furthermore, the monetary authority of a country, such as the central bank, can influence the availability and cost of money through its monetary policy."
"Some of the main types of unemployment include structural unemployment, frictional unemployment, cyclical unemployment, involuntary unemployment, and classical unemployment."
"Structural unemployment focuses on foundational problems in the economy and inefficiencies inherent in labor markets, including a mismatch between the supply and demand of laborers with necessary skill sets."
"Discussions of frictional unemployment focus on voluntary decisions to work based on individuals' valuation of their own work and how that compares to current wage rates added to the time and effort required to find a job."
"According to the UN's International Labour Organization (ILO), there were 172 million people worldwide (or 5% of the reported global workforce) without work in 2018."
"Statistical figures such as the employment-to-population ratio might be more suitable for evaluating the status of the workforce and the economy if they were based on people who are registered, for example, as taxpayers."
"Competition caused by globalization and international trade can be a source of unemployment."
"Fiscal policy can influence the status of the economy and unemployment."
"New technologies and inventions can be a source of unemployment."
"People above a specified age (usually 15) are considered in terms of unemployment."
"Policies of the government can contribute to unemployment."
"The ILO measures unemployment by assessing the number of people without work relative to the global workforce."
"Cyclical unemployment is one of the main types of unemployment."
"Classical unemployment is one of the main types of unemployment."
"The monetary authority of a country, such as the central bank, can influence the availability and cost of money."
"The global workforce is the population reported by the ILO."
"Structural unemployment focuses on foundational problems in the economy and inefficiencies inherent in labor markets."