The main causes for unemployment are capitalism, government and debate on unemployment. There are seven types of unemployment: Cyclical (Demand deficient unemployment) unemployment, when there is not enough aggregate demand for the labor. Frictional, when moving from one job to another, the unemployment temporarily experienced when looking for a new job. Structural, experienced when the structure of an industry or skill demands changes. Technological, caused by the replacement of workers by machines or other advanced technology. Classical (real-wage), when real wage for a job are set above the market-clearing level. Marxian, when unemployment is needed to motivate workers to work hard and to keep wages down, to preserve profitability. Seasonal, when an industry only is in demand certain times.
The article I am reporting on is “Jobless Rate Hits 5-Year Low” (New York Times). This article raises the point that the labor market for America is continuing to improve with job growth advancing in recent months and the unemployment rate falling last month to the lowest level in years (The unemployment figures indicate how many are not working for pay but seeking employment for pay. It is only indirectly connected with the... [continues]
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