Unemployment is one of the most contentious issues facing policymakers. To many observers unemployment is an obvious sign of waste in the economy, in the sense that resources that could otherwise add to the production of goods and services are going unused. Some commentators would go even further and argue that the existence of unemployment indicates a major systemic failure of the market economy.
However, it is equally possible to argue that some level of unemployment is inevitable when we consider the fact that, in a dynamic economy, some fraction of the labour force will generally be changing employment and may necessarily spend some time unemployed as they move between jobs.
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