For 10 points, name this condition in which those who are willing to work find themselves devoid of jobs.
In the Pissarides-Mortenson-Diamond framework, this phenomenon is analyzed using aggregate matching functions. This phenomenon is plotted on the X axis of a Beveridge curve, and Phelps's suggestion that it remains constant in the long run gave rise to the "natural rate" hypothesis for this phenomenon. Okun's Law relates the negative relationship between this and GDP, and the Phillips Curve plots this concept against inflation. The structural type of this phenomenon occurs when skills are incompatible and it can also be cyclical or frictional. For 10 points, name this condition in which those who are willing to work find themselves devoid of jobs.
In the Pissarides-Mortenson-Diamond framework, this phenomenon is analyzed using aggregate matching functions.
unemployment [accept employment or labour force participation until "X axis"]