Economics Principles and policy 12th edition Why is it not a

Economics: Principles and policy, 12th edition

Why is it not as terrible to become unemployed nowadays as it was during the great depression?

Solution

Why is it not as terrible to become unemployed nowadays as it was during the great depression?

The job market may be in its worst conditions nowadays, but not so worse as it was during the Great Depression. Unemployment during the Great Depression was catastrophic and the data on unemployment was biased and highly inflated because of the way in which they were gathered. Unemployment in the modern sense implies people are willing and able to work but unable to find a job. Workers whose whole entire occupations are disappearing have to find a new career path, acquire new skills which may take a long time to acquire. This kind of option was never even seen during the Great Depression period.

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