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UNEMPLOYMENT SOURCES: The unemployment of resources in general, and labor in particular, can be attributable to four basic reasons, or sources: cyclical, seasonal, frictional, and structural. Cyclical unemployment is involuntary unemployment created by business cycle recessions. Seasonal unemployment is relatively regular, read this as predictable, unemployment tied to a particular job. Frictional unemployment is temporary unemployment created when workers switch jobs. Structural unemployment is relatively permanent unemployment created because workers' skills are not the same as the skills needed on the job.
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VALUE IN USE The satisfaction of wants and needs provided by the direct consumption of goods and services. Acquiring value from the use of goods and services is really the ultimate goal of economic activity. It is the final step in the production, allocation, and consumption activities that are undertaken to address the fundamental problem of scarcity. Value in use should be contrasted with the similar phrase, value in exchange.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors looking to buy either several magazines on computer software or a T-shirt commemorating the second moon landing. Be on the lookout for strangers with large satchels of used undergarments.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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"I can feel guilty about the past, apprehensive about the future, but only in the present can I act." -- Abraham Maslow, Psychologist
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QJE
Quarterly Journal of Economics
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