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Macro5 - Essay Example

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Macro5

Every labour market depending on the economy has its own fluctuations and structural characteristics. In addition, every job always retains its core characteristics like working conditions, required qualifications, working hours and compensation. Furthermore, each employee is represented through professional qualifications, personal abilities and work expectations. Practically, employment occurs when an employee and particular position are matched. In any economy, there are situations when some positions remain unfulfilled, qualified workers are unemployed and some workers are not included in the labour force. When employees and positions are matched poorly and those employees remain in labour force, this trend results in both additional vacancies and additional unemployment. Partially, natural rate of rate is determined by the dynamics of new job creation and termination of current jobs because of decision made on microlevel by individual employees and businesses. Therefore, if other aspects of the economy remain constant, simultaneous creation and termination of jobs leads to a higher rate of unemployment. In addition, turnover rates among current employed workforce are also associated with higher unemployment, and are significantly influenced by the nature of jobs and the age mix of the adult population.
According to McConnell, Brue and Flynn (2008), inflation is defined as the rate at which the general level of prices for goods and services is increasing, and, subsequently, purchasing power of consumers is decreasing. From this definition, it is evident that inflation is a negative economic trend. Indeed, two digit inflation rate indicators in the early 1980s in the United States are a good illustration for “bad” inflation. General decline in purchasing power, particularly among consumers with fixed income, compromised ...Show more

Summary

The difference between answers in question 1 and 2 occurs because we have two main determinants of U, (1) number of unemployed workers and (2) total labour force. As total labour force decreases and number of unemployed rise, UR increases.
Natural rate of unemployment is…
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Macro5 essay example
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