Unemployment
& the Labor Force; Definitions Thereof
We currently
define the unemployment rate as the percentage of workers without jobs in our
labor force. We currently define our labor force as workers who are actively
looking for jobs. However, those definitions are both simplistic and
problematic, excluding complicated factors and variables that keep us from
arriving at a more precise unemployment rate.
For instance,
we currently include student and elderly workers in the calculations of
employed workers, while excluding them from the calculations of the labor
force. In addition, we currently exclude long-term unemployed workers and
prisoners from our definition of the labor force. Both of these variables might
tend to skew the unemployment rate downward, and thereby give us an inaccurate
view of the state of employment in our nation.
My research
paper will seek to examine our current definitions and calculations, and
provide a more thorough overview of our unemployment rate by accounting for
these additional variables, and any other factors that I may discover during my
research.
I plan to use
an empirical-analytical methodology as a foundation for this research paper by
using archival research created and gathered by highly regarded resources,
including professional journals and government websites. Although analyzing
existing data will lead to practical limitations, it will outweigh the risk to
the credibility of the paper that would be raised if I were to use less
recognized resources.
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