Quantitative Measurement Of Unemployment Essay
Quantitative Measurement of Unemployment
The American Economy could be described as a metaphorical locomotive traveling forward on the rails of monetary infrastructure. On boars there are two kinds of passengers: those who ride without the capabilities or desire …show more content…
Those under the age of 16 are not considered within the Labor force population. Nor are members of the United States armed forces. The last group not considered in the National Labor Force are those that are currently institutionalized, such as correctional facilities and both mental health or nursing facilities. The civilian non-institutionalized population is what is utilized for conducting the force measurements. This category is in turn divided into two groups: persons not within the labor force and civilian labor force. The civilian labor force in then segregated into two additional sub-categories, Employed or Un-employed. (Arnold, 2016) The quantitative information that is not accurately measured, due to lack of documentation, is that of illegal immigrants. Much of these immigrants are employed within the low education level to medium education level required jobs. Unfortunately, wages are dependent on the aggregate demand and supply dispensability. The Bureau of Labor Statistics (BLS) considers a person to be employed …show more content…
Joan Muysken along with Ehsan and Thomas Ziesemer, write:
“The migration pattern in Europe has significantly changed over the last decades, driven by the integration of national markets into global markets, as well as by soaring demand for better educated, high-skilled workers due to intensified international competition” (Migration, Unemployment, and Skill Downgrading, 2015)
When we take into consideration the economical similarities between the European and American market, it is simple to see where our unemployment rate could stand if business owners chose to incorporate the new group of medium skilled immigrant laborers.
Lowering the Skill level Keynesian Economics uses the inflexibility of wages to shift in a downward direction; this being the result of Labor Unions and preempted declines insured by labor contracts. If we view the US labor market as a whole, this Keynes decree seems to be true. What about when Government intervention dictates wage rates under legal and monetary penalty? At this point the minimum wage a firm is allowed to pay is set by the