Relationship between Employment and Unemployment
Learn about the relationship between Employment and Unemployment. Two major contemporary problems of macroeconomics are inflation and unemployment. It was the concern with unemployment that gave birth to Keynesian economists in the early 1930s. Keynes was the first economist to introduce the concept of involuntary unemployment. While classical unemployment is real-wage unemployment, Keynesian unemployment is demand-deficient unemployment. According to Keynes, [...]