Principles of Macroeconomics / Unit 5 MAC 0412 short lesson, about 20 seconds
Comparing Countries
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The idea
Comparing unemployment across countries needs care, because definitions, surveys and labor markets differ. The same word can measure different things.
In practice
A country where people leave the labor force rather than search will report a lower rate.
Where people slip
Comparisons with low-income countries are hardest, because much work is short-term, subsistence or barter and fits none of the three categories.
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