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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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FIFTH RULE OF IMPERFECTION The fifth of seven basic rules of the economy, stating that the real world is not perfect, especially in terms of achieving an efficient allocation of resources. This rule means that markets often fail to achieve due to market failures, and that governments seldom satisfactorily enact the policies needed to correct market failings. As such, the real world is often faced with the lesser of two evils--imperfect markets or imperfect government.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time at a crowded estate auction looking to buy either a how-to book on the art of negotiation or a flower arrangement for your aunt. 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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"The way to gain a good reputation is to endeavor to be what you desire to appear. " -- Socrates, philosopher
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APT
Arbitrage Pricing Theory
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