Unemployment | Wikipedia audio article
Channel: wikipedia tts
Date: 2019-03-17

This is an audio version of the Wikipedia Article:
https://en.wikipedia.org/wiki/Unemployment


00:02:50 1 Definitions, types, and theories
00:04:51 1.1 Classical unemployment
00:07:02 1.2 Cyclical unemployment
00:08:28 1.3 Full employment
00:10:48 1.4 Structural unemployment
00:12:57 1.5 Frictional unemployment
00:14:39 1.6 Hidden unemployment
00:16:54 1.7 Long-term unemployment
00:17:31 1.8 Marxian theory of unemployment
00:19:52 2 Measurement
00:24:14 2.1 European Union (Eurostat)
00:25:22 2.2 United States Bureau of Labor statistics
00:28:44 2.3 Alternatives
00:28:52 2.3.1 Limitations of the unemployment definition
00:34:56 2.3.2 Labor force participation rate
00:39:43 2.3.3 Unemployment ratio
00:40:26 3 Effects
00:41:08 3.1 Costs
00:41:16 3.1.1 Individual
00:46:30 3.1.2 Social
00:47:50 3.1.3 Socio-political
00:49:17 3.2 Benefits
00:52:41 3.3 Decline in work hours
00:53:23 4 Controlling or reducing unemployment
00:54:15 4.1 Demand-side solutions
00:57:37 4.2 Supply-side solutions
00:58:49 5 History
01:01:08 5.1 Industrial Revolution to late 19th century
01:03:40 5.2 20th century
01:07:04 5.3 21st century
01:10:50 6 See also



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SUMMARY
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Unemployment or joblessness is a situation in which the able bodied people who are looking for a job cannot find a job.
The unemployment rate is a measure of the prevalence of unemployment and it is calculated as a percentage by dividing the number of unemployed individuals by all individuals currently in the labor force. During periods of recession, an economy usually experiences a relatively high unemployment rate. Millions of people globally or 6% of the world's workforce were without a job in 2012.The causes of unemployment are heavily debated. Classical economics, new classical economics, and the Austrian School of economics argued that market mechanisms are reliable means of resolving unemployment. These theories argue against interventions imposed on the labor market from the outside, such as unionization, bureaucratic work rules, minimum wage laws, taxes, and other regulations that they claim discourage the hiring of workers. Keynesian economics emphasizes the cyclical nature of unemployment and recommends government interventions in the economy that it claims will reduce unemployment during recessions. This theory focuses on recurrent shocks that suddenly reduce aggregate demand for goods and services and thus reduce demand for workers. Keynesian models recommend government interventions designed to increase demand for workers; these can include financial stimuli, publicly funded job creation, and expansionist monetary policies. Its namesake economist John Maynard Keynes, believed that the root cause of unemployment is the desire of investors to receive more money rather than produce more products, which is not possible without public bodies producing new money. A third group of theories emphasize the need for a stable supply of capital and investment to maintain full employment. On this view, government should guarantee full employment through fiscal policy, monetary policy and trade policy as stated, for example, in the US Employment Act of 1946, by counteracting private sector or trade investment volatility, and reducing inequality.In addition to these comprehensive theories of unemployment, there are a few categorizations of unemployment that are used to more precisely model the effects of unemployment within the economic system. Some of the main types of unemployment include structural unemployment and frictional unemployment, as well as cyclical unemployment, involuntary unemployment, and classical unemployment. Structural unemployment focuses on foundational problems in the economy and inefficiencies inherent in labor markets, including a mismatch between the supply and demand of laborers with necessary skill sets. Structural arg ...