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Structural unemployment is a form of involuntary unemployment caused by a mismatch between the skills that workers in the economy can offer, and the skills demanded of workers by employers (also known as the skills gap ). Structural unemployment is often brought about by technological changes that make the job skills of many workers obsolete.
The insider-outsider theory is a theory of labor economics that explains how firm behavior, national welfare, and wage negotiations are affected by a group in a more privileged position. [ 1] The theory was developed by Assar Lindbeck and Dennis Snower in a series of publications beginning in 1984. [ 1][ 2][ 3] Wages set by insiders [ 4] The ...
In economics, Okun's law is an empirically observed relationship between unemployment and losses in a country's production. It is named after Arthur Melvin Okun, who first proposed the relationship in 1962. [ 1] The "gap version" states that for every 1% increase in the unemployment rate, a country's GDP will be roughly an additional 2% lower ...
Beveridge curve. A Beveridge curve, or UV curve, is a graphical representation of the relationship between unemployment and the job vacancy rate, the number of unfilled jobs expressed as a proportion of the labour force. It typically has vacancies on the vertical axis and unemployment on the horizontal. The curve, named after William Beveridge ...
In labour economics, Shapiro–Stiglitz theory of efficiency wages (or Shapiro–Stiglitz efficiency wage model) [ 1] is an economic theory of wages and unemployment in labour market equilibrium. It provides a technical description of why wages are unlikely to fall and how involuntary unemployment appears. This theory was first developed by ...
Unemployment, according to the OECD (Organisation for Economic Co-operation and Development), is people above a specified age (usually 15) [ 2] not being in paid employment or self-employment but currently available for work during the reference period. [ 3] Unemployment is measured by the unemployment rate, which is the number of people who ...
Youth unemployment worldwide last year dipped to a 15-year-low and is likely to continue falling through 2025, although weaker growth means Asia has lagged this trend, the International Labour ...
The natural rate of unemployment is a combination of frictional and structural unemployment that persists in an efficient, expanding economy when labor and resource markets are in equilibrium. Occurrence of disturbances (e.g., cyclical shifts in investment sentiments) will cause actual unemployment to continuously deviate from the natural rate ...