Right Back At It Again. We're coming out swinging! Started out in the spring of 2003. Never went to school, nobody talked to me. 'cept to tell me all the things I couldn't do. Don't wanna hear about it. Got with my guys packed into all our cars. Hit all the nearest scenes, and every local bar. and played a show a night 'til it'd made me sick.
Economic Definition of frictional unemployment. Offline Version: PDF. Term frictional unemployment Definition: Unemployment attributable to the time required to match production activities with qualified resources. Frictional unemployment essentially occurs because resources, especially labor, are in the process of moving from one production activity to another. Employers are seeking workers and workers are seeking employment, the two sides just haven't matched up. Hence unemployment of the frictional variety increases.
If all employed workers accepted a 5% pay cut (or if the government ordered such a cut) and the Fed kept targeting inflation, weâd experience rapid economic growth. In my post ZMP vs. sticky wages I argued: By the way, the problem of sticky wages is often misunderstood. The big problem is not that the wages of unemployed workers are sticky, the big problem is that the wages of employed workers are sticky. This is why stories of the unemployed being reemployed at far lower wages are entirely compatible with the macroeconomics of sticky wages. Nominal wages are fixed for the employed.