copyright © 2004 south-western 28 unemployment and its natural rate atvinnuleysi og hversu...
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Copyright © 2004 South-Western
2828Unemployment and Its Natural Rate
Atvinnuleysi og hversu eðlilegt það er
Copyright © 2004 South-Western
IDENTIFYING UNEMPLOYMENT
• Categories of Unemployment Skipting atvinnuleysis• The problem of unemployment is usually divided
into two categories. Atvinnuleysisvandamálið skiptist almennt í tvennt.
• The long-run problem and the short-run problem: Langtíma og skammtímavandamál
• The natural rate of unemployment Eðlilegt atvinnuleysi
• The cyclical rate of unemployment Árstímabundið atvinnuleysi
Copyright © 2004 South-Western
IDENTIFYING UNEMPLOYMENT
• Natural Rate of Unemployment Eðlilegt atvinnuleysi• The natural rate of unemployment is unemployment
that does not go away on its own even in the long run. (Atvinnleysi sem hverfur ekki af sjálfsdáðun, jafnvel ekki til langs tíma).
• It is the amount of unemployment that the economy normally experiences. (Það er það atvinnuleysissig sem hagkerfis stendur almennt frammi fyrir).
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IDENTIFYING UNEMPLOYMENT
• Cyclical Unemployment Sveiflubundið atvinnuleysi
• Cyclical unemployment refers to the year-to-year fluctuations in unemployment around its natural rate.• It is associated with with short-term ups and downs
of the business cycle. (Tengist skammtíma hæðum og lægðum í hagsveiflu).
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How Is Unemployment Measured?
• The unemployment rate is calculated as the percentage of the labor force that is unemployed. (Atvinnuleysi er reiknað sem hlutfallsprósenta vinnuaflans sem er án atvinnu)
U n em p lo y m en t ra te =N u m b er u n e m p lo y ed
L ab o r fo rce 1 0 0
Table 1 The Labor-Market Experiences of Various Demographic Groups
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Figure 2 Unemployment Rate Since 1960
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10
8
6
4
2
01970 19751960 1965 1980 1985 1990 2005
Percent ofLabor Force
1995 2000
Natural rate ofunemployment
Unemployment rate
Figure 3 Labor Force Participation Rates for Men and Women Since 1950
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100
80
60
40
20
01950 1955 1960 1965 1970 1975 1980 1985 1990 2000
Labor-ForceParticipation
Rate (in percent)
Women
Men
1995
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Why Are There Always Some People Unemployed?
• In an ideal labor market, wages would adjust to balance the supply and demand for labor, ensuring that all workers would be fully employed.
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Why Are There Always Some People Unemployed?
• Frictional unemployment (atvinnuleysi vegna starfaskipta) refers to the unemployment that results from the time that it takes to match workers with jobs. In other words, it takes time for workers to search for the jobs that are best suit their tastes and skills. (Á við um það atvinnuleysi sem hlýst af því að tíma tekur fyrir vinnuafl að sækja í þá vinnu sem best hentar smekk þeirra og hæfileikum).
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Why Are There Always Some People Unemployed?
• Structural unemployment is the unemployment that results because the number of jobs available in some labor markets is insufficient to provide a job for everyone who wants one. (Kerfisbundið atvinnuleysi er það atvinnuleysi sem hlýst af því sá fjöldi starfa sem býðst á vinnumarkaði dugir ekki til að útvega öllum störf sem vilja starfa).
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MINIMUM-WAGE LAWS
• When the minimum wage is set above the level that balances supply and demand, it creates unemployment. (Ef lágmarkslaun eru sett ofar því stigi sem myndar jafnvægi framboðs og eftirspurnar vinnuafls, þá skapar það atvinnuleysi).
Figure 4 Unemployment from a Wage Above the Equilibrium Level
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Quantity ofLabor
0
Surplus of labor =Unemployment
Laborsupply
Labordemand
Wage
Minimumwage
LD LS
WE
LE
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THE THEORY OF EFFICIENCY WAGES
• Efficiency wages are above-equilibrium wages paid by firms in order to increase worker productivity. (Skilvirknislaun eru hærri en jafnvægislaun sem fyrirtæki bjóða til að auka framleiðni vinnuafls.)
• The theory of efficiency wages states that firms operate more efficiently if wages are above the equilibrium level. (Kenningin um skilvirknislaun segir að fyrirtæki starfi á skilvirkari hátt ef laun eru fyrir ofan jafnvægisstigið).