Some Basic Unemployment Concepts

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宏观经济学的力量：真实世界中的经济学原理

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University of California, Irvine

宏观经济学的力量：真实世界中的经济学原理

1349 个评分

In this course, you will learn all of the major principles of macroeconomics normally taught in a quarter or semester course to college undergraduates or MBA students. Perhaps more importantly, you will also learn how to apply these principles to a wide variety of situations in both your personal and professional lives. In this way, the Power of Macroeconomics will help you prosper in an increasingly competitive and globalized environment. This course is also available in Portuguese. To join the fully translated Portuguese version, visit this page: https://www.coursera.org/learn/macroeconomia-pt/

从本节课中

Unemployment, Inflation, and Stagflation

Some Basic Unemployment Concepts 4:26

Unemployment Defined and Measured 4:03

Okun's Law 3:48

Demand-Pull Versus Cost-Push Inflation and the Keynesian Dilemma6:22

与讲师见面

Dr. Peter Navarro
Professor
Paul Merage School of Business

[MUSIC]

Welcome to The Power of Macroeconomics.

Lecture Five: Unemployment, Inflation, and Stagflation.

The purpose of this lesson is to examine much

more closely three of the most important problems in macroeconomics.

Unemployment and inflation, and the combination

of these two problems known as stagflation.

Unemployment and inflation,

inflation and unemployment.

These are two of the most important problems in macroeconomics, and

in most cases, macroeconomists can solve at least one of them.

But only by worsening the other.

For example, expansionary fiscal or monetary policy can

usually pull an economy out of a recession.

But such actions may cause inflation.

On the other hand, contractionary policies typically can

be used to fight inflation.

But often at the cost of more unemployment and recession.

But what happens when an economy faces both high unemployment and soaring

inflation as many nations of the globe did during the turbulent 1970s?

Are traditional, Keynesian style monetary and fiscal

policies still effective in fighting such stagflation?

In order to answer

this important question, we've got to learn a lot

more about what makes both unemployment and inflation tick.

In doing so, we're going to learn about

one of the great debates in macroeconomic theory.

Namely, is there a clear trade off between unemployment and

inflation as advocates of the so called Phillips Curve suggest?

Or is the Phillips Curve simply a dinosaur concept of a failed Keynesianism?

In this lesson we're also going to compare

and contrast the Keynesian and monetarist views of stagflation.

And then illustrate why the doctrine of supply side economics emerged in the 1980s

as a viable political alternative to these two competing economic camps.

To begin, let's review some basic concepts abut unemployment.

In thinking about the unemployment

problem, economists identify three different kinds.

Frictional, structural, and cyclical.

Frictional unemployment is the least of the economist's worries.

It arises because of the incessant movement of people between

regions and jobs or through different stages of their life cycle.

For example, even when an economy is at

full employment there is still some turnover as

students search for jobs when they graduate from school

and when women reenter the labor force after having children.

Cyclical unemployment is a much more serious problem.

It occurs when the economy dips into a recession, and it is this type

of unemployment that macroeconomists have historically spent

most of their time trying to solve.

In an increasingly technological age, the third type

of unemployment, structural unemployment, has begun receiving more attention.

Structural unemployment occurs when there is a mismatch between the

available jobs and the skills workers have to perform them.

It often results when technological change makes someone's job obsolete.

The highly skilled glassblower thrown out of work

by the invention of bottle making machines or the

specialized autoworker replaced by a robot.

A second source of structural unemployment results from a mismatch

between the location of workers and the location of job openings.

For example, in the 1980s when the price of oil plunged.

Many oil field workers in the oil producing

states found themselves structurally

unemployed when widespread layoffs occurred.

Even though unemployment was low in other parts of the country.

This distinction between cyclical, frictional,

and structural unemployment is important.

Because it helps economists diagnose the general health

of the labor market and craft appropriate policy responses.

For example, in the presence of cyclical unemployment due to

recession, expansionary fiscal or monetary policies may be quite appropriate.

However, structural unemployment often requires more

targeted policies, such as job retraining.

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