todo
Terms
- Labour force
- ages 15 - 64 who are working or looking for work
- unemployment rate measured over labour force
- Disguised unemployment
- related to agri, where marginal productivity zero
- eg. 10 ppl working on farm where 5 are sufficient
- Underemployment
- overskilled people working in jobs demanding fewer skills
- eg. PhD working at call center
- Capital Intensive Growth Model
- Hindu Rate of Growth
- low (<3.5%) GDP growth
- India experienced till 1970s
- Jobless Growth
- after 1991, India went out of Hindu rate of growth, but failed to create more jobs due to muted manufacturing
- problems of disguised unemployment and over tertiarization of Indian economy
- Gig Economy
- freelancers, without social security
- Employment elasticity
- change in employment wrt change in GDP
- eg. EE in 2012 = 0.04 (jobless growth)
- Creative Destruction
- dismantling of existing economic structures (industries & jobs) due to R&D
- can cause economic prosperity and create new jobs in long run