Historical US Unemployment since 1900 Sources 1890-1920 data are from Christina Romer (1986). “Spurious Volatility in Historical Unemployment Data”, The Journal of Political Economy, 94(1): 1920-1930 Robert M. Coen (1973). “Labor Force and Unemployment in the 1920’s and 1930” 1930- 1948 Bureau of Labor Statistics, Employment Thanks to User Peace Generally, the US economy was …
A historical look at US National debt from 1790 to 2021 The national debt is basically the amount the government owe to the private sector and other holders of US Treasuries. National debt is the accumulation of government borrowing over many years. The budget deficit is the annual amount the US government need to borrow …
UK unemployment rates since 1881. This shows the fluctuations in unemployment over the past 100 years in the UK. Measuring unemployment is not a precise science. This data mostly relies on administrative statistics on the number claiming some kind of unemployment insurance. The government is changing how unemployment is measured. You can view the pdf …
Definition: Underemployment is defined as a situation where people are working fewer hours than they wish; e.g. you would like to work 40 hours a week, but the firm only gives you 30 hours. Underemployment may also refer to the fact workers accept jobs that don’t utilise their skills. e.g. graduate working in McDonald’s may …
This is a review of economics and its relationships with other social sciences and subjects, such as philosophy, politics, maths, physics, anthropology, psychology and sociology. Also, to what extent does economics benefit from expanding into other subjects? What is economics? Economics a social science that studies the production, consumption and distribution of goods and services. …
Utility maximisation refers to the concept that individuals and firms seek to get the highest satisfaction from their economic decisions. For example, when deciding how to spend a fixed some, individuals will purchase the combination of goods/services that give the most satisfaction. Utility maximisation can also refer to other decisions – for example, the optimal …
Diminishing marginal utility of income and wealth suggests that as income increases, individuals gain a correspondingly smaller increase in satisfaction and happiness. In layman’s terms – “more money may not make you happy” Alfred Marshall popularised concepts of diminishing marginal utility in his Principles of Economics (1890) “The additional benefit a person derives from a …
Definition: Gross fixed capital formation is essentially net investment. It is a component of the Expenditure method of calculating GDP. To be more precise Gross fixed capital formation measures the net increase in fixed capital. Gross fixed capital formation includes spending on land improvements, (fences, ditches, drains, and so on) plant, machinery, and equipment purchases; …