One of the mysteries of the English language finally explained.
The unemployment which exists in any economy due to people being in the process of moving from one job to another.
- ‘There is likely to be some frictional unemployment even when there is technically full employment, because most people change jobs from time to time.’
- ‘With unemployment at 4.4% of the available workforce, the country is scarcely above what economists term ‘frictional unemployment’.’
- ‘If there is an inefficient excess of frictional unemployment, it should be reduced by policies that change search behavior and improve the effectiveness of job markets.’
- ‘If unemployment was previously kept to zero by forcing everyone to keep a job even if they didn't want it, it should rise, even in a madly growing economy, as frictional unemployment is allowed to grow to its natural rate.’
- ‘But how can we find out whether the U.S. economy has too much, too little, or the right amount of frictional unemployment?’
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