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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