"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."
This subfield explores the causes and consequences of joblessness and underemployment, and policy solutions to address these issues.
Labor force participation rate: This measures the percentage of the working-age population who are either employed or actively seeking employment.
Unemployment rate: This measures the percentage of the labor force (employed or seeking employment) who are currently without a job.
Types of unemployment: This includes structural, frictional, cyclical, and seasonal unemployment. Structural unemployment occurs when the labor market can't provide jobs for those who are seeking them due to a mismatch between the skills of the workforce and the available jobs.
Factors affecting employment: This includes factors like technology, education level, governmental policies, demographics, global economic trends, and others that can influence employment levels.
Underemployment: This refers to situations where people are employed but still don't make use of their full potential or can't secure a full-time job with a living wage.
Labor market flexibility: This refers to the ability of the labor market to adjust to changes in supply and demand for labor, including the ability to create new jobs, the ease of hiring and firing workers, and the ease of adjusting to wage variations.
Minimum wage: This is the minimum amount that employers must pay their employees.
Causes of unemployment: Besides layoffs, unemployment can result from factors like seasonal changes, economic recessions, and demographic shifts.
Labor market policies: This includes government policies intended to boost employment growth, create jobs, and improve overall labor market efficiency.
The role of education and training: Access to education and training programs can help equip people with skills that increase their employability and reduce underemployment.
Gender and ethnic disparities in employment: Women and people from underrepresented groups commonly face employment discrimination and underrepresentation.
Unemployment benefits: This entails monetary assistance provided to people who have been laid off to assist with vital expenses such as food and rent while searching for a new job.
Global unemployment trends and labor market characteristics: International economic factors can impact global employment trends, including job availability, the growth of the gig economy, and workers' rights.
Immigrant labor and employment: This covers how international migration patterns affect labor markets, including the availability of job opportunities for migrant workers, immigrants' access to education and training, and their wages.
Labor market inequality: This pertains to the unequal distribution of benefits and costs of employment between employers and employees, such as wage inequality, power dynamics, and access to employee benefits like healthcare and pension policies.
The role of unions: Labor unions are important advocates for workers' rights and negotiate contracts with employers to enhance job security, wages, and working conditions.
The effects of automation on labor markets: The increasing use of robots and artificial intelligence in workplaces could displace human workers, increase underemployment rates, and alter the nature of jobs.
Frictional Unemployment: This type of unemployment happens when people are temporarily between jobs or seeking their first job.
Structural Unemployment: This type of unemployment comes from changes in the economy when people's skills or expertise are no longer in demand in the labor market.
Cyclical Unemployment: This kind of unemployment occurs when there's a decline in the economy's overall activity, often due to a recession or depression.
Seasonal Unemployment: This type of unemployment comes from a regular seasonal trend in certain industries or regions, where work is available during specific times of the year.
Technological Unemployment: This occurs when new technologies replace certain jobs or industries, with automation and artificial intelligence as examples.
Hidden Unemployment: This type of unemployment is not officially recorded, like those that have given up looking for work, or those who are underemployed in part-time jobs.
Underemployment: This means people who work in lower-paying or less-skilled jobs than they are qualified for, often due to a tough job market.
Voluntary Unemployment: This is when someone chooses not to work, like staying home with family, going back to school, or living off savings.
"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."