Search results
Results from the WOW.Com Content Network
Transition economics is a special branch of economics dealing with the transformation of a planned economy to a market economy. It has become especially important after the collapse of Communism in Central and Eastern Europe. Transition economics investigates how an economy should reform itself to endorse capitalism and democracy.
Macroeconomics is a branch of economics that deals with the performance, ... the technology level and the labor force, and unemployment tends to revert to its ...
Thus, full employment of labor corresponds to potential output. Whilst full employment is often an aim for an economy, most economists see it as more beneficial to have some level of unemployment, especially of the frictional sort. In theory, this keeps the labor market flexible, allowing room for new innovations and investment.
Three sectors according to Fourastié Clark's sector model This figure illustrates the percentages of a country's economy made up by different sector. The figure illustrates that countries with higher levels of socio-economic development tend to have less of their economy made up of primary and secondary sectors and more emphasis in tertiary sectors.
Labour power (German: Arbeitskraft; French: force de travail) is the capacity to work, a key concept used by Karl Marx in his critique of capitalist political economy. Marx distinguished between the capacity to do the work, i.e. labour power, and the physical act of working, i.e. labour. [ 1 ]
Fig. 4. Labor participation. In economics, Okun's law (named after Arthur Melvin Okun), is an empirically observed relationship relating unemployment to losses in a country's production. This correlation "law" states that a 2% decline in output (GDP) will be accompanied by a 1% rise in unemployment.
The sum of the labour force and out of the labour force results in the noninstitutional civilian population, that is, the number of people who (1) work (i.e., the employed), (2) can work but don't, although they are looking for a job (i.e., the unemployed), or (3) can work but don't, and are not looking for a job (i.e., out of the labour force).
The labor force is the actual number of people available for work and is the sum of the employed and the unemployed. The U.S. labor force reached a record high of 170.7 million civilians in January 2025. [1] In February 2020, at the start of the COVID-19 pandemic in the United States, there were 164.6 million civilians in the labor force. [2]