Cyclical unemployment
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Elite Education Vocational Institute
Macroeconomics (ECO202)
Added on 2020-02-19
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The term friction is used to show the time, effort and the expenditure that is employed by a worker to find some new job positions (Layard et al, 2013 pg. This kind of unemployment can keep the rate of unemployment high even after the recession is gone (Layard et al, 2013 pg. The demand curve is downward: The first reason for the downward sloping curve is with effect with the Pigous wealth effect.
Cyclical unemployment
Elite Education Vocational Institute
Macroeconomics (ECO202)
Added on 2020-02-19
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