Meaning of Unemployment:
- Unemployment: A person is ready and capable of working at current wage rate but does not get works is considered unemployed. A situation of such unemployed persons in the society is called unemployment.
- According to Prof. Pigou: A person can be called unemployed only when he is willing to work but is not able to find work.
- Unwilling Unemployment or Compulsory Nature of Unemployment: A person is eager and ready to work at current wage rate but is deprived of work then he is said to be unwillingly unemployed and such situation is called unwilling unemployment.
- Voluntary Unemployment: A person is not willing and ready to work at current wage rate and he is not getting work then he is said to be voluntarily unemployed and such situation is called voluntary unemployment.
The term unemployment is understood in terms of supply of active labour force.
- Active labour force includes people in the age group of 15 to 64 years.
- Unemployment is not only an economic problem but it can create social, ethical and political problems.
