The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Unemployment

  • Robert Topel
Reference work entry
DOI: https://doi.org/10.1057/978-1-349-95189-5_1772

Abstract

The unemployed are individuals who are without work but who are actively seeking employment. The unemployment rate is the percentage of the labour force – the total number of people either working or seeking work – that is unemployed. The evidence suggests that the ‘natural rate’ of unemployment (or non-employment) is not a constant towards which the labour market converges; rather, it varies with labour market fundamentals.

Keywords

Disability insurance Labour market institutions Layoffs Natural rate of unemployment Phillips curve Search models of unemployment Unemployment Unemployment insurance 

JEL Classifications

J6 
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Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Robert Topel
    • 1
  1. 1.