Production Unemployment And Inflation, Full Employment

Macroeconomics
Name
Institutional Affiliation
1 Why is there unemployment when the economy is at “full employment”? What are some “costs of unemployment”?
Unemployment is considered to be a bad thing when considering any nation in the world. Certain economists have argued that there are natural levels of unemployment and that they cannot be erased. However, the trend in recent years has been that the number of unemployed people are outnumbering the number of employed people. This depletes the resources that a country has at a high rate through overdependence by the unemployed people ADDIN CSL_CITATION { "citationItems" : [ { "id" : "ITEM-1", "itemData" : { "DOI" : "10.1007/s13398-014-0173-7.2", "ISBN" : "9780273728009", "ISSN" : "0717-6163", "PMID" : "15003161", "abstract" : "Macroeconomics: A European Perspective will give students a fuller understanding of the subject and has been fully updated to provide broad coverage of the financial crisis. In particular, this new edition provides: NEW chapters and updated text across all chapters NEW data on Europe and the financial crisis And what has always been the strength of the book: A unified view of macroeconomics, enabling students to make the connections between the short, medium, and long run. \"This is a truly outstanding textbook that beautifully marries theory, empirics and policy. It is surely destined to become the gold standard against which all other texts must be measured.\" Charles Bean, Deputy Governor, Bank of England \"Refreshingly original for an undergraduate text. Relevant applications to European economies and elsewhere are plentiful, and the breadth of topics covered is truly impressive. Unlike many texts at this level, the authors do not avoid potentially tricky, yet important topics; they do their utmost to relate textbook theory to real-world economics. Relative to competing texts, I think students would find this more engaging.\" Paul Scanlon, Trinity College Dublin \"Up-to-date material on the Euro, especially in light of the current crisis; strong open economy emphasis; and lots of examples from European countries. There is so much new material on the monetary union that there is much less need for supplementary reading.\" Pekka Ilmakunnas, Aalto University School of Economics", "author" : [ { "dropping-particle" : "", "family" : "Blanchard", "given" : "Olivier", "non-dropping-particle" : "", "parse-names" : false, "suffix" : "" }, { "dropping-particle" : "", "family" : "Amighini", "given" : "Alessia", "non-dropping-particle" : "", "parse-names" : false, "suffix" : "" }, { "dropping-particle" : "", "family" : "Giavazzi", "given" : "Francesco", "non-dropping-particle" : "", "parse-names" : false, "suffix" : "" } ], "container-title" : "Business", "id" : "ITEM-1", "issued" : { "date-parts" : [ [ "2010" ] ] }, "number-of-pages" : "586", "title" : "Macroeconomics: a european perspective", "type" : "book" }, "uris" : [ "/documents/?uuid=f57b775d-2532-4a09-b1c3-8e77efcc7018" ] } ], "mendeley" : { "formattedCitation" : "(Blanchard, Amighini, & Giavazzi, 2010)", "plainTextFormattedCitation" : "(Blanchard, Amighini, & Giavazzi, 2010)", "previouslyFormattedCitation" : "(Blanchard, Amighini, & Giavazzi, 2010)" }, "properties"...