macroeconomics explanations of the causes of unemployment and the appropriate policy response to an unemployment problem Free Essay, Term Paper and Book Report
To answer this question fully, this essay has to understand the concept of unemployment. Unemployment can be defined as,
The number of people out of work who are actively looking for work
(Sloman, J, 1997)
This definition, as a theory, has substantial depth, however, in practice, differentiating between those who are actively seeking employment and those that are not can be a very complicated process and there is much debate over the counting of unemployment.
This essay will look at how Monetarists and Keynesian economists explain the causes of unemployment and once this has been determined, will consider the appropriate responses to an unemployment problem.
Equilibrium unemployment, also known as natural unemployment, is the difference of those that are willing to work at the current real wage rate and those that are not willing to work. This will deplete the involuntarily unemployed, as the supply of labour is satisfied by those willing to work at the current wage rate. Unemployment however, will still exist, as those who are unemployed may not want to w......
Word Count: 2223
Page Count: 8.8 (250 words a page / double spaced)
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