Abstract
The unemployed are individuals who are without work but who are actively seeking employment. The unemployment rate is the percentage of the labour force – the total number of people either working or seeking work – that is unemployed. The evidence suggests that the ‘natural rate’ of unemployment (or non-employment) is not a constant towards which the labour market converges; rather, it varies with labour market fundamentals.
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Topel, R. (2018). Unemployment. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_1772
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DOI: https://doi.org/10.1057/978-1-349-95189-5_1772
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