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Transcript of UNEMPLOYMENT
design by Dóri Sirály for Prezi
quick review on history of 'work'
What is 'unemployment'?
Unemployment occurs when a person who is actively searching for employment is unable to find work. Unemployment is often used as a measure of the health of the economy. The most frequently cited measure of unemployment is the unemployment rate. This is the number of unemployed persons divided by the number of people in the labor force.
Theories (frameworks) of unemployment
Effects of Unemployment
•The unemployed are people able, available and willing to work at the going wage rate but cannot find a job despite an active search for work
•Unemployment means that scarce human resources are not being used to produce goods and services to meet people’s needs and wants
•Persistently high levels of joblessness have damaging consequences for an economy causing both economic and social costs
•Problems caused by unemployment occur across a country but are often very bad and deep-rooted in local and regional communities and within particular groups of society –
Classical or real-wage unemployment occurs when real wages for a job are set above the market-clearing level, causing the number of job-seekers to exceed the number of vacancies.
Cyclical, deficient-demand, or Keynesian unemployment, occurs when there is not enough aggregate demand in the economy to provide jobs for everyone who wants to work. Demand for most goods and services falls, less production is needed and consequently fewer workers are needed, wages are sticky and do not fall to meet the equilibrium level, and mass unemployment results. Its name is derived from the frequent shifts in the business cycle although unemployment can also be persistent as occurred during the Great Depression of the 1930s. An Australian example is the closing of the automobile manufacturing plants.
It is in the very nature of the capitalist mode of production to overwork some workers while keeping the rest as a reserve army of unemployed paupers.
—Marx, Karl (1863). Theory of Surplus Value. pp. 478
The ABS defines long term unemployment as 'a duration of unemployment of 12 months or more. Duration of employment is the length of the incomplete spell of unemployment of a currently unemployed person. The duration is calculated from the time a person either last worked in any job for two weeks or more, or began actively looking for work (whichever is the more recent).
rising inequality ...is the most important problem (in the world)..
2013 Economics Nobel prize winner Robert J. Shiller