Chapter 28

I would give this chapter a 1.5 out of 3 because while the majority of the material was easy to digest, it was a very long chapter. There are a lot of things to know about unemployment and why it happens. Something I still will have to memorize is all of the different unemployment statistics the government puts out. In this chapter I learned about long term versus short term unemployment and how the majority of unemployment is short term but it is the long term unemployment that is the greatest concern. I learned about the debates of unemployment insurance and unions as well. Both can distort the labor market from equilibrium which can in turn create inefficiency. Likewise there can also be advantages to having wages set above equilibrium as well.