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Revision as of 10:53, 19 August 2010 by imported>Nick Gardner (New page: {{subpages}} ==Labour market trends== Long-run trends can be analysed using the following tautological relationships The trend growth rate of unemployment, ΔU can be expressed as: :::Δ...)
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Labour market trends

Long-run trends can be analysed using the following tautological relationships

The trend growth rate of unemployment, ΔU can be expressed as:

ΔU   =  ΔL  -  ΔE

where

ΔL is the growth rate of the labour force
(which can be expressed as
ΔL   =  ΔA  +  ΔR
where
ΔA is the growth rate of the population of working age and,
ΔR is the growth rate of the participation rate.)

and

ΔE is the growth rate of employment
(which can be expressed as
ΔE   =  ΔO  -  ΔP
where
ΔO is the growth rate of output
ΔP is the growth rate of labour productivity)