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Economics

Unemployment classification

Economists sometimes differentiate between different types of unemployment. There are many type of ways of classifying unemployment however the following is quite common.

Frictional unemployment. Individuals which are temporarily unemployed whereas transiting between jobs or just entering the labour market. This kind is characteristically short in duration however always present in a market economy.
Structural unemployment. Individuals which are unemployed since their skills are no longer in demand where they live. This kind typically results in longer spells and may need the unemployed to acquire training or to move.
Cyclical unemployment. Unemployment because of a recession.
Classical unemployment. Unemployment because of real wages being too high (for instance through minimum wage laws).

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M9577282

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