mACROECONOMIC OBJECTIVE: LOW UNEMPLOYMENT
INTRODUCTION: In this weeks learning you will consider the economic and human costs of unemployment and specifically labour unemployment. This is a topic that will resonate with anyone that has looked over last weeks jobless numbers and it seems a long time ago (actually about a month ago) that the American economy could boast the lowest jobless numbers on record. I have included a summary of the jobless reports below from around the world to bring you up to date!
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Wow - Less than a month ago...
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And where we're at today...
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Unemployment doesn't affect everyone equally...
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The longer-term implications of rising unemployment...
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- Define the term unemployment.
- Explain how the unemployment rate is calculated.
- Calculate the unemployment rate from a set of data.
- Explain the difficulties in measuring unemployment, including the existence of hidden unemployment, the existence of underemployment, and the fact that it is an average and therefore ignores regional, ethnic, age and gender disparities.
- Discuss possible economic consequences of unemployment.
- Discuss possible personal and social consequences of unemployment.
- Describe, using examples, the meaning of frictional, structural, seasonal and cyclical (demand-deficient) unemployment.
- Distinguish between the causes of frictional, structural, seasonal and cyclical (demand-deficient) unemployment.
- Explain, using a diagram, how cyclical unemployment is caused by a fall in aggregate demand.
- Explain, using a diagram, how structural unemployment is caused by changes in the demand for particular labour skills, changes in the geographical location of industries, and labour market rigidities.
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An introduction to the US labour market
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WHAT IS UNEMPLOYMENT?
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WHAT ARE THE DIFFERENT TYPES OF UNEMPLOYMENT?
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| unemployment_lesson.pdf |
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Review of Keynesian and Neo-classical macroeconomic modelling |
Enquiry question: 'How far and why do Keynesian and Neo-classical economists disagree about the characteristics of the macroeconomy (growth, inflation and unemployment)?'
WHAT: Review Keynesian and Neo-classical views of the macroeconomy regarding growth inflation and unemployment
HOW: Make a creative piece (rap, short movie, information documentary, song, cartoon strip etc) or publication to demonstrate the great macroeconomic divide between the Keynesian and Neo-classical economists.
WHY: The great sways of in contemporary politics are between these two schools of economic thought, almost everything when boiled down comes down to economics...As Keynes said “Practical men who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back”
HOW: Make a creative piece (rap, short movie, information documentary, song, cartoon strip etc) or publication to demonstrate the great macroeconomic divide between the Keynesian and Neo-classical economists.
WHY: The great sways of in contemporary politics are between these two schools of economic thought, almost everything when boiled down comes down to economics...As Keynes said “Practical men who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back”
INTRODUCTION: Before you can create your 'Battle of the Century' publication you will need to remind yourself of the main differences between the two school's of macroeconomic thought. You will need to examine the differences in thought between Keynesian and Neo-classical scholars on the issues of Unemployment, inflation and growth. You should complete the review handout below in order that you understand all the key points that need to go into your creative piece/publication:
ACTIVITY 1: Complete the Review handout:
| keynsian_and_classical_review_lesson__1_.pdf |
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Going Viral - Bringing it together |
ACTIVITY 2 : Watch the videos below to get inspiration for your own creative piece/publication:
MRU's Take: 'Game of Theories' - Keynes Vs The Austrians and Monetarists (These are the Neo-Classical Economists)
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ACTIVITY 3: Get creative! These are some good examples from previous years... We will be using the Paper 1 Markscheme criteria to assess your creative piece!
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Assessment Criteria for viral publication: Remember the question is in the form of an enquiry, so your key question is 'How far and why do Keynesian and Neo-classical economists disagree about the characteristics of the macroeconomy?'
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Extra Notes-Diagrams, etc
| economics_macro_powerpoint.pptx |
2020 Battle of the Century Publications - Thank you to Ben and Ivan, Ruari, Adham, Marcos and Greg, William, Josh
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