User:Nick Gardner/Unemployment/Tutorials

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The algebra of labour market trends

The trend growth rate of unemployment, ΔU can be expressed as:

ΔU   =  ΔL  -  ΔE

where

ΔL is the growth rate of the labour force

(which can be expressed as

ΔL   =  ΔA  +  ΔR

where

ΔA is the growth rate of the population of working age and,

ΔR is the growth rate of the participation rate.)

and

ΔE is the growth rate of employment

(which can be expressed as

ΔE   =  ΔO  -  ΔP

where

ΔO is the growth rate of output

ΔP is the growth rate of labour productivity)