Questions tagged [unemployment]

Unemployment is the condition of one who is capable of working, actively seeking work, but unable to find any work.

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114 votes
16 answers

How will non-rich citizens make a living if jobs keep getting replaced by robots and are outsourced?

Decades ago a factory job could support a wife and kids until retirement and they offered insurance, benefits, etc. Now, no more unions, those jobs as well as tech and customer service jobs are ...
Bruno1993's user avatar
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24 votes
2 answers

Should we expect more structural technological unemployment if growth becomes more limited by natural resources and less by labour?

Technological unemployment, where unemployment arises from (with some oversimplification) workers being replaced by machines, has so far been temporary as new jobs were created that replaced the old ...
gerrit's user avatar
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12 votes
3 answers

Is 'full employment' synonymous with 'the natural rate of unemployment'?

Is the phrase 'full employment' synonymous with the phrase 'the natural rate of unemployment'? Parkin, et al. (2010) seem to use these two terms interchangably in chapter 20, but looking up these two ...
ahorn's user avatar
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5 votes
1 answer

What were the factors that caused the Philips curve to stop working during the 1970s?

Philips curve says that inflation and unemployment were inversely correlated. In the 1970s, stagflation happened. If Philips curve hold true, stagflation is impossible. What were the factors that ...
curious's user avatar
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7 votes
5 answers

Has the natural rate of unemployment decreased with modern travel and the Internet?

The natural rate of unemployment is a combination of structural unemployment and frictional unemployment. Structural unemployment is caused by a surplus of labor at a given wage in a given area. ...
Mathematician's user avatar
4 votes
1 answer

How do I verify Philips curve empirically for recent years?

I wanted to verify the relationship between inflation and unemployment empirically, so I took data from the World Bank and used excel to correlate them. I got a very, very bad correlation between ...
WorldGov's user avatar
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4 votes
2 answers

Why are the Fed's goals often described as the "dual mandate" and not the "triple mandate"?

The Federal Reserve Act Section 2A states: The Board of Governors of the Federal Reserve System and the Federal Open Market Committee shall maintain long run growth of the monetary and credit ...
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3 votes
2 answers

Does working abroad cause less unemployment? Or is it actually harmful (directly or opportunity cost)?

This question is from subjective origins but is (supposed to be) objective. The context of this question arises from people in third world countries going abroad to work. Often they are seen as money-...
BCLC's user avatar
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2 votes
1 answer

Relationships between several economic concepts, and chatGPT's explanation [closed]

Sadly I have so little knowledge of economics that I can barely read the news these days. Answering my questions the old fashioned way (via Google) tends to confuse me more. So I asked chatGPT, but I ...
user90664's user avatar
2 votes
1 answer

Why high levels of inflation doesn't leads to high levels of employment?

According to the original Phillips curve $\pi=(\mu+z)-u$ there's a negative relation between inflation and unemployment. That being said, if there were a really high level of inflation, then there ...
Verónica Rmz.'s user avatar
2 votes
1 answer

Testing the long run phillips curve / Contradicting empirical results?

I've been working with some historical macroeconomic data of the Canadian economy and am having difficulty empirically testing the Phillips curve long run and short run versions. I got the data from ...
EconJohn's user avatar
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1 vote
1 answer

Can Okun's Law be used for forecasting?

Can one forecast $\Delta Unemployment$ and $\Delta Inflation$ using a VAR model based on Okun's law?
Cardinal's user avatar
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1 vote
1 answer

Am I correct that cyclical unemployment can be negative?

Let's start with stating and emphasizing some truths that we will need later. Overall unemployment rate=Frictional unemployment + Structural unemployment + Cyclical unemployment. Also, Natural rate of ...
KarmaPeasant's user avatar
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