Would 0% unemployment be good or bad? Defend your answer How do you get from population...

Would 0% unemployment be good or bad? Defend your answer

How do you get from population to labor force (i.e. what categories of people do you exclude?)

How do you increase the labor force?

Expert Solution

1. According to me, 0% unemployment would not good for an economy:

0% unemployment means, no unemployment at all but a great deal of frictional unemployment comes from people following their hearts and their dreams. This is certainly a positive type of unemployment, though we would hope for these individuals' sake that they do not stay unemployed for too long. But there should be some level of frictional unemployment.

Also structural unemployment. The only way we could ever eliminate all structural unemployment is by eliminating all technological advancement. So also there should be some structural unemployment necessary.

Also 0% cyclic unemployment is only possible when there is always boom in the economy, though it is good for the economy but if boom phase stays forever it leads to huge inflation.

2.

Labor force is the percentage of total population whose are of age group of 16-64 in the economy.

We exclude the population aged less than 15 or more than 65 from labor force.

3. Population increases result in labor force increases.

Also we can increase the labor force by increase the age bracket of working population.

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Rahul Sunny answered 2 years ago

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