The primary macroeconomic policy goals are economic growth, low unemployment, and low inflation. The main tools to achieve these goals are monetary policy and fiscal policy.
Unemployment refers to non-institutionalized civilian adults who do not have a paid job, but are looking for one. It is most commonly measured by the unemployment rate, which is the percentage of the labor force that is unemployed. Contrary to popular perceptions, the unemployment rate is NOT the percentage of the population without a paid job. Unemployment is measured by the Bureau of Labor Statistics (BLS) which conducts a monthly telephone survey of approximately 50,000 randomly selected adults. This Current Population Survey is used to estimated the number of Americans who are:
(1) employed - adults who spent the majority of the previous week working at a paid job.
(2) unemployed - adults who did not spend the majority of the previous week working at a paid job, but who looked one.
(3) not in the labor force - adults who did not spend the majority of the previous week working at a paid job and who did not look for one.
The labor force is comprised of the employed and the unemployed.
Click on the hyperlinks below to take you to a portion of the blog devoted to that topic:
Low Unemployment - Learning Objectives
The Importance of Low Unemployment
The Measurement of Unemployment
Historical Unemployment Data
Limitations of Unemployment Data
Using Supply & Demand Analysis to Explain Unemployment
Types of Unemployment and their Remedies
Frictional Unemployment
Structural Unemployment
Cyclical (Keynesian) Unemployment
Why the Macroeconomic Policy Goal is LOW Unemployment
Summary of Strategies for Reducing Unemployment
Important Definitions Related to the Macroeconomic Policy Goal of Low Unemployment
Joseph Schumpeter's Business Cycles
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Business Cycles
The link above takes you to a pdf file of Joseph Schumpeter's book.
14 years ago
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