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Labor Economics, 1e: A W. W. Norton StudySpace
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In This Chapter
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Chapter 22
Unemployment I: Contractual Frictions
Chapter Learning Objectives
Define the concepts of voluntary and involuntary unemployment.
Understand the practical difficulties that are inherent in measuring the unemployment rate.
Recognize the broad patterns of unemployment that are observed in the U.S. data.
Recognize why downwardly rigid wages play such a critical role in generating persistent unemployment in the competitive supply-demand framework.
Understand the distinction between real and nominal wage rigidity.
Recognize the basic principles that underlie the efficiency wage hypothesis and understand the shirking variant of this approach.