Unemployment (or joblessness) occurs when people are without work and actively seeking work. The unemployment rate is a measure of the prevalence of unemployment and it is calculated as a percentage by dividing the number of unemployed individuals by all individuals currently in the labor force. During periods of recession, an economy usually experiences a relatively high unemployment rate. According to International Labour Organization report, more than 197 million people globally or 6% of the world's workforce were without a job in 2012.
There remains considerable theoretical debate regarding the causes, consequences and solutions for unemployment. Classical economics, New classical ec...
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