Unemployment is one of the major macro-economic
performance indicators. The more unemployed people
in our economy the more we are producing below our
potential, less income is earned (reducing saving,
consumption and tax revenue) and there is a negative
impact on the welfare of society.
Multiplier effect and its process, How does multiplier effect work, Assumptions, Types of Multiplier effect: Static Multiplier and Dynamic Multiplier; Derivation and limitation of Multiplier Effect.
Multiplier effect and its process, How does multiplier effect work, Assumptions, Types of Multiplier effect: Static Multiplier and Dynamic Multiplier; Derivation and limitation of Multiplier Effect.
Students should be able to:
Understand and distinguish between productive and allocative efficiency
Know that the minimum point on the average total cost is the most productively efficient point and that allocative efficiency occurs where price is equal to marginal cost
Understand the meaning of inefficiency e.g. X-inefficiency
AS Macro Question - Falling UnemploymentEton College
This is a revision resource for students taking the EdExcel unit 2 economics paper - suggesting a way of approaching the 30 mark question and scoring high marks for evaluation.
Students should be able to:
Understand and distinguish between productive and allocative efficiency
Know that the minimum point on the average total cost is the most productively efficient point and that allocative efficiency occurs where price is equal to marginal cost
Understand the meaning of inefficiency e.g. X-inefficiency
AS Macro Question - Falling UnemploymentEton College
This is a revision resource for students taking the EdExcel unit 2 economics paper - suggesting a way of approaching the 30 mark question and scoring high marks for evaluation.
In this comprehensive chapter on unemployment, we embark on an explorative journey into the intricate dynamics of joblessness, aiming to dissect its multifaceted nature and illuminate pathways towards meaningful solutions.
We commence our inquiry by delineating the diverse manifestations of unemployment, discerning between frictional, structural, cyclical, and seasonal unemployment. Each form bears its distinct characteristics and implications, necessitating nuanced approaches for effective intervention.
Delving deeper, we unravel the underlying drivers of unemployment, which encompass a constellation of factors spanning technological innovation, globalization, mismatched skills, and economic fluctuations. Understanding these root causes is pivotal for devising targeted strategies that address the systemic barriers to employment.
Furthermore, we scrutinize the reverberating ripple effects of unemployment across individuals, families, and communities. From financial insecurity and diminished well-being to social disintegration and diminished human capital, the repercussions of joblessness permeate every facet of society, underscoring the urgency of concerted action.
Turning our gaze towards potential remedies, we embark on a quest to unearth pathways towards inclusive prosperity. We advocate for investments in education and skills development, fostering a dynamic workforce equipped to thrive in an ever-evolving labor market. Additionally, we champion the imperative of proactive labor market policies, including job creation initiatives, wage subsidies, and retraining programs tailored to the needs of vulnerable populations.
Moreover, we spotlight the catalytic role of entrepreneurship and innovation in engendering job growth and economic resilience. By cultivating an ecosystem conducive to enterprise, we nurture the seeds of innovation and empower individuals to chart their own pathways to prosperity.
Yet, our quest for solutions extends beyond policy prescriptions to encompass a broader ethos of social solidarity and collective responsibility. We underscore the imperative of forging partnerships across sectors, harnessing the collective ingenuity of government, business, civil society, and academia to forge a more equitable and inclusive future.
In sum, this chapter serves as a testament to the complexities of unemployment and the imperative of collective action. By embracing a holistic approach that addresses the structural roots of joblessness while fostering individual empowerment, we can aspire towards a future where every individual has the opportunity to realize their full potential and contribute meaningfully to society.
This is an updated version of a slideshow revision presentation on the way in which different charts are presented in economics exams and some tips for handling the data in your answers.
These slides are from our January 2014 revision workshops for unit 3 microeconomics. They focus on some of the arguments surrounding the possible introduction of a £7 per hour national minimum wage in the UK
In this revision presentation we look at recent trends in UK trade union membership, consider how trade unions can affect both pay and employment and challenge the textbook view that union-negotiated pay increases inevitably have negative consequences for employment.
In this revision presentation we cover key examples of pure and quasi public goods and consider the arguments for and against an increase in government spending on public goods.
Poverty Reduction Policies in Low Income Countriestutor2u
This revision presentation covers some of the main causes of continued high levels of extreme poverty in low and middle income countries and considers a range of pro-poor government interventions designed to increase productivity and regular employment and waged income in formal labour markets.
You don’t need to produce a lot of evidence in your macroeconomics exams but knowing some basic and key facts and figures can make your answers stand out from the crowd! Here is a quickfire journey through twenty important economic numbers that won’t change before the exam – use them to support your answer and impress the examiner!
Microeconomics - Great Applied Examples for Examstutor2u
In this presentation, I have chosen loads of current examples that you might want to use as context in your microeconomics exams. We look at examples from different market structures, recent mergers and takeovers, the world's most valuable companies, the largest employer, unicorn business, de-mergers, the biggest initial public offerings (IPOs) and much else. Hopefully a useful video to go through to add some super examples into your revision notes.
This revision presentation considers the variety of stakeholders impacted by business activity. How will a change in objectives, such as a move from profit maximisation to revenue maximisation have an effect on different stakeholders?
This revision presentation looks at profit satisficing as an alternative objective for businesses. Why might firms satisfice? What are some of the possible consequences for economic welfare and efficiency?
In this short revision video, we look at the substantial productivity gap between the UK and many of the UK’s major competitor countries.
Paul Krugman, the Nobel Prize-winning economist said twenty fives years ago that “Productivity isn’t everything, but in the long run it is almost everything,”
In this presentation we consider the theory of wage-setting with a monopsony employer and the possible impact that a trade union might have on wages and employment. We also look at efficiency wage theory and mutual gains from pay bargaining between stakeholders.
For many economists, the labour market is the most important market of all to study, analyse and evaluate. Like product markets for goods and services, labour markets can also fail. The main types of labour market failure are labour immobility including skills gaps, inequality, disincentives to be economically active, labour market discrimination and the effects of monopsony power of employers.
Updated revision presentation on aspects of behavioural economics and topical issues where behavioural nudges are being used to change the choices of consumers and businesses.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
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how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
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how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
2. The Labour Market
Unemployment is one of the
major macro-economic
performance indicators.
Keeping unemployment
as low as possible is a
major policy objective
of the government.
WHY?
Fed – “Dual
Mandate”
U.K
Forward
Guidance 1
3. Economic
Costs
• Lost output
• Inefficiencies
Fiscal Costs
• Less tax revenue
• Higher welfare payments
External
Costs
• Anti-social behaviour
• Demands on NHS
Why high unemployment matters
Inside PPF;
Allocatively and
productively
inefficient
Negative output
gap
Automatic stabilisers – less tax
revenue means less leakages
Automatic
stabilisers – G
rises, helping
AD
Youth unemployment rising, more
crime, more stress
Effect of unemployment
depends on the type e.g.
Structural more significant
than frictional
Hysteresis and
permanent
effects could
cause PPF to
shift in
Income tax + N.I + VAT : >50% of
UK tax revenue
Workless households more likely to
be in poverty… intergenerational
issues…
4. Don’t confuse unemployment with inactivity
Unemployed are
looking for a job;
whilst Inactive are not
in the labour market
Retired
The inactivity rate in the UK for those
aged from 16 to 64 was 22 per cent
The unemployment rate is 7.2 per cent of
the economically active population
Students
Prisoners
Disabled
Stay-at-home parents
5. As many people unemployed
in UK as there are long-term
sick
6.
7. What are the causes of
unemployment?
Look at the case studies on page 15.
You have 2 minutes to work out which type of
unemployment applies to the three people
You have 2 minutes
8. What are the causes of
unemployment?
Hidden FrictionalCyclical
9. Types of unemployment (1)
• Unemployment related to
the process of changing
jobs, which may involve a
period out of work.
Frictional
• The category of
unemployed whose number
varies according to the
business or economic cycle.
Cyclical
Improve by: increasing flow
of information – job centres
NB: Not just in a recession
(e.g. in a boom, bankruptcy
lawyers have no business!)
Demand-deficient /
Keynesian
10. Types of unemployment (2)
• When there is a mis-match
between the skills of those
unemployed and the skills
that new jobs require.
Structural
• Unemployment which is
known to exist but is not
included in the official
government figures
Hidden
Improve by: supply-side
policies such as retraining
Especially amongst illegal
immigrants – evaluation on
official figures
11. Types of unemployment (3)
• This type of unemployment
occurs when trade unions
bargain for higher wages,
which leads to fall in the
demand for labour.
Classical /
real-wage
• A type of unemployment
that occurs due to the
seasonal nature of the job is
known as seasonal
unemployment.
Seasonal
The more they push wages
up, depending on the
elasticity of labour supply
and demand, the more
unemployment
E.g. tourism
12. Key Facts about unemployment
Task : Using the chart, identify two significant points of
comparison between UK unemployment and economic
growth over the period shown.
Demand-
deficient
(Keynesian)
unemployment
Unemployment
tends to LAG
real GDP…
Why?
13. Key Facts about unemployment
Remember, if the question
asks for a comparison then
don’t just describe. What is
the same? What is different?
Is the level of change different
for the two statistics? What’s
the overall change over the
course of the time period?You have 2 minutes
14. Key Facts about unemployment
Task : Using the chart above, identify two significant
points of comparison between UK unemployment and
economic growth over the period shown.
Comparison
1
Unemployment has grown throughout the
period, economic growth has been variable
(add figures!)
Comparison
2
Largest increase in unemployment
occurred during 2008-2009, during the
same period economic growth was
negative (add figures).
ADD UNITS!
%, £, levels, et
c
15. What do you think are the current rates and
levels (March 2014) for the categories below?
Statistic Real
statistic
Unemployment rate (as a % of the economically active population, Labour
Force Survey)
Unemployment total (no. of people registered unemployed, Labour Force
Survey)
Economically inactive (i.e. people without a job who have not actively
sought work in the last four weeks)
Unfilled Vacancies (where employers are actively seeking additional workers)
Employment Total (the number of people over 16 in employment)
Youth Unemployment (the number of people aged 16 – 24 who are registered
unemployed)
7.2%
2.34 m
8.94 m
144 k
30 m
950k
16. Key Facts about unemployment
In an evaluative question relating to
unemployment you need to be able to
DISAGGREGATE: demonstrate the
importance of youth unemployment,
long-term unemployment and the
availability of jobs.
You will not be asked to state a macro-economic
performance statistic. However, the ability to
state a current trend may be a useful way of
demonstrating knowledge to an examiner.
17. 25% of ALL Eurozone youth
unemployed are in Spain!
18. Youth unemployment: Fears of a ‘lost generation
Around a million young people are now unemployed across the UK.
Demographic of unemployment
20. c.25% of UK’s youth unemployed
have been unemployed are LONG
TERM unemployment
21. Unemployment during the Recession
Analysis: Suggest three reasons
why unemployment has not been
as high during the economic
downturn since 2008.
You have 2 minutes
22. Unemployment during the Recession
Period Peak Unemployment Rate
1979 - 84 12%
1990 - 94 10.8%
2008 - present 8.4%
Reason 1
Higher proportion of part-time jobs /
Zero hours contracts…
Reason 2
Employers less willing to make workers redundant
(holding out for improvement in demand); Labour
hoarding
Reason 3
Less available benefits/more robust
benefit claim system
23. Unemployment during the Recession
Period Peak Unemployment Rate
1979 - 84 12%
1990 - 94 10.8%
2008 - present 8.4%
Analysis: Suggest two possible consequences of
this different pattern of unemployment.
Consequence
1
Employers keeping less effective
workers
Consequence
2
Employers have a higher proportion of
part-time workers
Productivity impact?
24. Unemployment during the Recession
Keeping less effective workers
Point: Faced with falling output, firms are more willing to keep workers
employed which suggests that they have been keeping some less
productive workers.
Evidence for
this:
Productivity levels in the UK have remained stagnant and have not
improved (unlike during other recessions).
Explanation of
why this is a
problem:
Lower productivity leads to higher possible costs and potentially
higher prices compared to competition (from abroad).
It depends
upon…… (an
evaluative
point):
Other factors leading to lower productivity such as quality (and
age) of machinery
leads to a lower levels of output
25. How much of their shortfall in income is
compensated by any potential state benefits
Part-time jobs attract a pro-rata level of wages,
meaning that people earn less than if they
worked full-time.
Unemployment during the Recession
Having a higher proportion of part-time workers
Point:
Evidence for
this:
Explanation of
why this is a
problem:
It depends
upon…… (an
evaluative
point):
leads to lower levels of consumption
Employers have seen an increase in the
proportion of their workers who are part-time.
Statistics show an increase in the number of
people who work part-time even though they
wish to work full-time.
26. Source: ONS
UK labour productivity (2010=100)
Source: Labour Force Survey - ONS
Part-time employees who could not find full-time work
Underemployment…
27. Exam question: Evaluate the policies that
might be most effective in reducing youth
unemployment in the UK.
Definition: Young people aged between 18 and 24 who are
actively seeking work but are unable to find a job.
29. Analysis: Explaining high youth
unemployment – 16-24yrs
Human
Capital
Problems
Reluctant
Employers
Reduced
retirement
rates
Weakness
of training
schemes
17
Both demand-side AND
supply-side causes
Tax?
Supply side
issue?
RULC?
Competition?
30. Exam question: Evaluate the policies that might be most
effective in reducing youth unemployment in the UK.
Policy Example
Targeted macro stimulus
policies to boost growth
Expansion of
apprenticeship schemes
Improving geographical
mobility of labour
Measures to stimulate
business start-ups
Active regional
development policies
Reduce corporation tax
To include new skills such as brick-
laying
Expansion of EU
New Employment Allowance to reduce NI
contributions for new small businesses
Regional employment funds
No guarantee of success – quality not
quantity of policy matters
Time lags
Short term vs
long term
Effects of unemployment depends on
government’s response
Policy depends on
cause of
unemployment
31. Policy Impact
Targeted macro stimulus
policies to boost growth T
Expansion of apprenticeship
schemes W
Improving geographical
mobility of labour E
Measures to stimulate
business start-ups E
Active regional development
policies P
Using TWEEP
Reduce corporation tax
To include new skills such as brick-laying
Expansion of EU
New Employment Allowance
Regional employment funds
No guarantee of success – quality not
quantity of policy matters
Time lags
Immediate
or delayed
impact?
Productivity
impact?
Efficiency –
new skilled
workers Improve
female
employment
Regional
unemployment
priority