Consisting mainly of cyclical, structural, and frictional varieties, for 10 points, name this concept in which people who want to work are unable to find work.
The hysteresis hypothesis plots a statistic known as NAIRU against this quantity. NAIRU was developed to mathematically express the "natural rate" of this quantity, defined by Milton Friedman and Edmund Phelps during their criticisms of the Phillips Curve, which pairs this quantity with inflation. Consisting mainly of cyclical, structural, and frictional varieties, for 10 points, name this concept in which people who want to work are unable to find work.
The hysteresis hypothesis plots a statistic known as NAIRU against this quantity.
unemployment