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Economic and Social Aspect of Unemployment

	Economic And Social Aspect Of Unemployment by L.S.N. Prasad
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The term "full employment" is a formal concept. It does not mean literally any unemployment. Classical economists defined "full employment" is an absence of "Involuntary unemployment". According to Prof. Pigou "full employment" is a condition when "Everybody at the ruling rate of wages wishes to be employed is in fact employed". According to him, "it is a situation in the economy in which an expansion of effective demand fails to bring about an expansion of output and employment. The most widely accepted definition for "full employment" was given by William H. Beveridge. According to him, it is a situation in which the normal lag in between losing one job and finding another job will be very short".

ISBN - 9788183872997

Pages : 435