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Perhaps there's a magic number which is the unemployment rate in a healthy economy[0], and when you get close to that magic number then competition has a much g
by strken 8y ago
Perhaps there's a magic number which is the unemployment rate in a healthy economy[0], and when you get close to that magic number then competition has a much greater effect. If you think the magic number is very small, say 2%, then the choice between U1, U3, and U6 obviously affects whether you've hit it or not.
[0] perhaps mean_time_to_find_job / (mean_time_to_find_job + mean_job_duration + mean_time_not_working), or something
- gizmo686 8y agoIf there is such a number (which there almost certainly is; literal 0 unemployment strikes me as very unhealthy), then you obviously need to specify which version of unemployment you are stating it against. As long as they continue to move in lock-step, they are effectivly measuring the same thing.
- tootie 8y agoIt's a well-studied area of economics. The term is "Full Employment" https://en.wikipedia.org/wiki/Full_employment https://en.wikipedia.org/wiki/Full_employment