Macroeconomics - Unemployment
This post contains a video that investigates unemployment in the following areas.
- The types of unemployment and the most likely causes of these types.
- The real costs of unemployment and the potential significance.
- The ripple effect unemployment can have on the rest of the economy
- Is unemployment always bad?
The video includes some aspects of unemployment that are typically discussed in textbooks as well as aspects not widely covered in textbooks. Areas such as frictional unemployment, seasonal unemployment, structural unemployment, and cyclical unemployment are briefly explored. Costs such as loss of income and reduced happiness resulting from unemployment are explained.
The potential positive implications from increased unemployment are also explored in this video. Unemployment is rarely considered by economists as being positive. Unemployment can be an indication of improved efficiency and technology. This type of unemployment can be resolved through upgrading of skills and reduced working hours for those currently employed, hence allowing people to re-enter the workforce.
Unemployment can also be an indication of the exploitation of the labour force. This is true in cases where those that are employed work very long days for very little income. The long working hours result in lower hiring of staff and causes more unemployment. Exploitation of the labour force overseas often results in the transfer of business and production operations to these countries and causes unemployment in countries that do not exploit their labour force.
The video can be watched at the link below:
The next macroeconomics video will focus on unemployment.
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Great post, thanks for sharing! I gave you a vote. I hope you enjoy it.
Thank you for your support.
14 votes- 150+ dollars. hhahhaha..this is really great for @spectrumecons
MACRO ECONOMIC PARAMETERS
Yes it's fantastic.
Those macroeconomic parameters you mentioned are certainly worth writing about as well.
Unemployment figures and how they are manipulated to hide the true facts would be a good follow on for this.
Also the impact of zero hour contracts on communities.
Also how the taxpayer is subsidising businesses that pay so little that their staff are on benefits. Tax credits, rent rebates and council tax rebates.etc
Good intro to the topic. 100% upvoted.
Thanks. You have some really good ideas. Definitely worth doing some research into.
I have taught economics for many years. Glad you found the pointers helpful. Look forward to your future posts. It is a subject that really doesn't get enough coverage.
I find it interesting that you identified 4 types of unemployment in your video and none of them addressed unemployment as a result of public policy decisions. Why is that?
You make a good point. Public policy decisions are often an underlying cause for several types of unemployment. For example, increased working hours, higher unemployment benefits, changes to minimum wages and so on. Public policy can triggered a downturn, hence cyclical unemployment. Public policy can result in operations moving overseas.
A possible idea for a future post could be to focus on how public policy influences unemployment for better or for worse.
Agreed. You might want to check out the work of economist Dean Baker. He's written books on the subject. You can find him here:
http://cepr.net/blogs/beat-the-press/
Sure, thanks for the link. I'll have a look at what he's written.
This is why i'm an advocate for starting your own business and self-employment, a job is just not something we can rely upon anymore.
I'm now self-employed and I'm really enjoying it.
It's an amazing feelings to be able to generate your own income.