Unemployment and Labor Force - Essay Example

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Unemployment and Labor Force

Unemployment refers to inability of workers to find work when they are available to work. The prevalence of unemployment in any country is measured using the unemployment rate. Unemployment rate is calculated as the percentage of unemployed people in the labor force. In economics, labor force is defined as all the nonmilitary people who are employed and unemployed (Sheffrin, 2003). Labor force of a country usually includes everyone who is of working age (typically above 14 to 16 years of age) and below the age of retirement. Labor force includes participating workers which includes people who are actively working and those who are seeking work.International Labor Organization (ILO) defines unemployed workers as those who are not working but are willing and able to work for pay and have actively searched for work (International Labor Organization, 2007). Since all unemployment may not be open type of unemployment that can be counted by government agencies, statistics on employment may sometimes be not correct. ILO describes four ways for calculating unemployment rates (ILO, 2007)According to the economist Edmond Malinvaud, the type of unemployment that prevails at a particular time depends on the situation at the goods market. If the goods market is a buyers' market in which sales are restricted by demand then Keynesian type of unemployment prevails, while if a production capacity is limited classical unemployment prevails. ...Show more

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Unemployment refers to inability of workers to find work when they are available to work. The prevalence of unemployment in any country is measured using the unemployment rate. Unemployment rate is calculated as the percentage of unemployed people in the labor force…
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Unemployment and Labor Force essay example
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