Economic Costs of Unemployment

This is the % of people in the labour force without a job but registered as being willing and available for work

Those people holding a job or registered as willing and able to work
Therefore this is the number employed plus number unemployed

The % of the population of working age declaring themselves to be in the Labour Force. This will exclude groups such as

Those who are unemployed will find it more difficult to get work in the future (this is known as the hysteresis effect)

Increased govt borrowing (PSNCR). Tax revenue will fall because there is less people paying income tax and VAT. Also the govt will have to spend more on unemployment benefits.

Lower GDP for the economy, the economy will be below full capacity this is inefficient and will lead to lower output and incomes.
Increase in social problems. Areas of high unemployment (especially youth unemployment) tend to have more crime and vandalism.

Which is Correct? - Monetarist or Keynesian View