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There are many domestic factors affecting the U.S. labor force and employment levels. These include: economic growth; cyclical and structural factors; demographics; education and training; innovation; labor unions; and industry consolidation [2] In addition to macroeconomic and individual firm-related factors, there are individual-related factors that influence the risk of unemployment.
So, it has to be realized that the precise design of the assumptions underlying the policy-ineffectiveness proposition makes the most influential, though highly ignored and misunderstood, scientific development of new classical macroeconomics. New classicals did not assert simply that activist economic policy (in a narrow sense: monetary policy ...
The steady employment gains in recent months suggest a rough answer. The unemployment rate has been 7.9 percent, 7.8 percent and 7.8 percent for the past three months, while the labor force participation rate has been 63.8 percent, 63.6 percent and 63.6 percent. Meanwhile, job gains have averaged 151,000.
In California, for instance, the state unemployment rate hit 5.3% in February, up 0.8% from a year ago and the highest in the nation. New Jersey's unemployment rate hit 4.8% in February, also up 0.8%.
Rational expectations is an economic theory that seeks to infer the macroeconomic consequences of individuals' decisions based on all available knowledge. It assumes that individuals' actions are based on the best available economic theory and information, and concludes that government policies cannot succeed by assuming widespread systematic ...
Government failure. In the context of public economics, the term Government failure refers to an economic inefficiency caused by a government regulatory action, if the inefficiency would not have existed in a free market. [1] The costs of the government intervention are greater than the benefits provided.
However, with corporatism the national wage negotiation includes the government as the third party at the table, like in Sweden. But this is not the case for countries like Spain, so the insiders set the wage without the goal of decreasing unemployment, keeping the outsiders from getting in. [7] In this case, the government should intervene.
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 ...