Unemployment

Synonyms

Layoff; Out of work; Redundancy and work; Work displacement

Definition

Unemployment is a state where a person wants to work but is unable to find a job. According to the formal OECD definition, the unemployed comprise all persons above a specified age, who during the reference period (typically a week or a month) were not in paid employment or self-employment, available for work, and actively seeking work. An important distinction is between long-term unemployment (with a duration of 6 months or more) and short-term unemployment. Unemployment is different from nonemployment, as the latter includes those not available for, and seeking, work, including students and retirees.

Description

There is universal agreement, backed up by decades of empirical research covering many countries and time periods, that unemployment, in particular if prolonged, is detrimental to quality of life. At the same time, the perceived reasons for such an adverse effect, as well as the assessment of its...