For 10 points, name this economic quantity, the rate of jobless individuals in an economy.
One explanation for the existence of this phenomenon is the efficiency wage hypothesis, which explains the "involuntary" type of it. The "structural" variety of this phenomenon is often created by technological change. The "frictional" variety of this phenomenon might be reduced by advances in information technology. The Phillips curve shows an inverse relationship between inflation and this phenomenon. Its natural rate has been estimated at about four percent. For 10 points, name this economic quantity, the rate of jobless individuals in an economy.
One explanation for the existence of this phenomenon is the efficiency wage hypothesis, which explains the "involuntary" type of it.
unemployment