By Readers Material
Unemployment, as per economists like Prof. Pigou, occurs when individuals are willing to work at the current wage rate but cannot find employment. In simpler terms, someone is considered unemployed if they lack a job and desire employment. This situation arises when many capable individuals in a country are ready to work at existing wages but face obstacles in securing employment
Unemployment takes various forms, such as open unemployment, underemployment, invisible unemployment, and more.
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Economic plans aim to boost both national and per capita income by fostering growth in key sectors like agriculture and industry.
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Underemployment manifests in two dimensions. Firstly, it occurs when a worker receives fewer work hours than desired.
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Disguised unemployment refers to a situation where productivity is zero or minimal, as seen in instances where more workers are involved in a task than necessary.
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Seasonal unemployment occurs when an individual secures employment during a specific season but faces unemployment in other seasons.
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Frictional unemployment is a temporary state caused by market imperfections. When individuals move from one place to another in search of employment, there may be opportunities at the new location.