¶ … labor force and explain how the unemployment rate is calculated. Shortcomings of the current methods of measuring labor force participation rate and unemployment
Labor force is people between 16 and 65 years of age either employed or seeking employment. Labor force includes students, retirees, and prisoners, those engaged in gainful employment as well as persons without reported income.
In the United States of America, unemployment rate is calculated from the monthly surveys done by the Federal Bureau of Labor Statistics. It is estimated by dividing the number of persons without employment by the size of the available workforce that includes the employed and those unemployed.
Romer (1986) states that this method used in calculating the unemployment rate also includes; Social Insurance Statistics such as unemployment benefits. He claims that this method is not detailed since some benefits expire before one can find a job. In addition, the other method, employment office statistics, is not helpful as it involves monthly collection information of people without jobs who access employment offices.
Compare the perspectives of Marx (Alienated Labor) and Maslow (Hierarchy of Needs).
Marx theory of alienation is in reference to the disassociation of things that belong together. He means it from a social perspective that people are separated from things that they need. For instance, labor separates one from his family or freedom or alienation of one from self.
Maslow's theory also regards needs. He claims that there are things that man needs naturally andThe most important of his pyramid he called deficiency needs which includes friendship and love, security, and physical needs So both theories address human needs.
Contrast the perspectives of Marx (Alienated Labor) and Maslow (Hierarchy of Needs).
Marx theory of alienation is based on capitalism and refers to work as through capitalism as an impediment to needs satisfaction. Maslow theory on the other hand only mentions human needs and not in relation to other engagements. He places the fundamental...
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