ECON 2305 Lecture 10 Outline of Last Lecture I Positive and Negative externalities Outline of Current Lecture I Micro Failure II Umployment Current 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 illness These 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 rate
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