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That's an interesting
question.
And we'll talk about that some
more later on in the semester.
OK.
Questions about this?
Yeah.
AUDIENCE: [INAUDIBLE PHRASE].
PROFESSOR: That's a really
good question.
And let me talk about that
for a couple of minutes.
The definition of unemployment
is those employed
over looking for work.
If the number of people employed
does not change, and
women suddenly want to work, and
they report to surveyors
that they're looking
for work--
that's the employment rate.
I'm sorry.
The unemployment rate--
I'm sorry--
is going to be those looking
over employed.
My bad.
The unemployment rate
is going to be those
looking over those employed.
So the unemployment rate is how
many people are looking
for work over how many
are employed.
If women start suddenly looking
for work, and there's
no jobs to be had, that will
raise the unemployment rate.
So one thing that's been a focus
of a lot of research has
been do increases in the
supply of labor lead to
increases in unemployment?
What you've expressed is what's
often called the lump
of labour view.
The lump of labour view is
basically the view that
there's a fixed box of
production in the economy.
And as more workers come in to
fill that box, there will be
more unemployment.
The alternative view is that
the economy is dynamic.
And as more women are working,
and earning income, and buying
stuff, that makes more jobs.
So our standard of consumption
is way higher