ECON 2305 Lecture10 Outline of Last Lecture I. Positive and Negative externalities Outline of Current Lecture I. Micro Failure II. UmploymentCurrent Lecture- Microfailures: Unemployment Inflation National debt Trade deficit - Government has a roll in economic stability - Employment act of 1946 Full protection, employment Embraced Keynesian economics - Humphrey Hawkins – 1978 Provided for specifics, attempt to quantify goals 4% or less employment 4% or less inflation…down to 0% (not feasible)- Labor force: 16+ Working/ looking Non-institutionalized - Major types of unemployment: Frictional Structural Cyclical Seasonal - Unemployment costs: Lost output Think PPC Erosion of skills overtime Psychological o Mental Impact o Stressed induced illnessThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.- Labor force participation rate: The proportion of non-institutionalized workers Women affected the labor force participation
View Full Document