Adam reviews the requirements for individuals to be considered unemployment under the most traditional classification of unemployment (U3). While he mentions that this isn’t a perfect measure, he doesn’t mention the other types of unemployment. This could be a good introduction to the different types of unemployment counted by the BLS.
I heard this one on the radio and forgot that I used it one semester online to talk about structural unemployment. This could also be a good song to play before class if you play music before you begin your lecture. I may be a bit more fortunate since I teach in Pennsylvania.
Billy, played by Vince Vaughn, and Nick, played by Owen Wilson, are salesmen whose lost their jobs because of increased computerization. The two don’t want to be left behind so they apply (and are accepted) to an internship at Google even though they are much older than their cohort.
Erik Hurst, an economist with the University of Chicago, delivered an interesting commencement address that focused on the role of video games in the supply decisions of young men. While a bit more academic than some other commencement addresses, it sets the stage for a nice discussion on the increasing value of leisure.
Bill Gates, in an article with Quartz, argues that if a robot which take workers’ jobs should be required to pay taxes. Those tax funds should be redistributed to pay for re-training programs.
Structural unemployment occurs when the skills and trades are no longer in demand from the general population rather than market fluctuations. Adam’s girlfriend, Amy, quickly points out that his travel agency failed because people use the internet to book travel and no long need travel agents.
During the CNN GOP Debate in March, Donald Trump incorrectly categorizes discouraged workers as being statistically part of the employment rate because they are no longer considered unemployed. This classic mistake forgets that there are a class of people in the country who are not in the labor force.
Mike Rowe, host of ‘Someone’s Gotta Do It’ and ‘Dirty Jobs’ talks about the new blue collar jobs.
Dairy Queen CEO discusses how minimum wage impacts hiring and retention.