Unemployment Is A Measure Of Unemployment

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According to Balami (2006) unemployment is conceptualized as a situation wherein a worker is or workers are involuntarily out of work. This means that workers are willing and able to work but cannot find any work. Unemployment has been defined by the classical economists as the excess supply of labour over the demand for labour which is cause by adjustment in real wage. The Classical or real-wage unemployment occurs when real wages for job are set above the market-clearing level, causing number of job-seekers to exceed the number of vacancies. Unemployment was defined by International Labour Organization (2009) as a state of joblessness which occurs when people are without jobs and they have actively sought work within the past four weeks. The unemployment is a measure of the prevalence of unemployment and it is calculated as a percentage by dividing the number of unemployed individuals by individuals currently in the labour force. In a 2011, Business Week Reported, “More than two hundred (200) million people globally are out of work, a record high, as almost two-third of advanced economies and half of developing economies are experiencing a slowdown in employment growth. According to Jhingan (2001), unemployment can be conceived as the number of people who are unemployed in an economy, often given as a percentage of the labour force. Unemployment was also defined as numbers of people who are willing and able to work as well make themselves available for work at the
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