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This is a 4 page paper that provides an overview of hyperinflation and unemployment. Various types of unemployment are analyzed and interventions are suggested. Bibliography lists 4 sources.
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4 pages (~225 words per page)
File: KW60_KFeco002.doc
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of reasons that have nothing to do with the fundamental political landscape of a society: for instance, people may decide to change jobs simply because they dont like their current
career choice, because theyre moving to a new geographic location, or because they simply didnt feel they were a good match at their former place of employment. Technological innovations can
also impact frictional unemployment through opening new avenues of employment selection, or through changing the nature of existing jobs (Gilpatrick, 1966). Frictional unemployment is actually beneficial to an economy in
certain key ways. For one, without frictional unemployment, it would be possible to have periods of "full employment" wherein every labor job is occupied in a static and ongoing manner.
The result of this would be the total disenfranchisement of those laborers who exist beyond the available number of jobs; they would be totally without recourse to find employment. Frictional
unemployment, however, allows workers to "cycle" through available jobs periodically, for a less stratifying distribution of wealth. Moreover, economic productivity on the whole goes up when people are well-matched to
their jobs and make effective and efficient use of resources due to that synergy. Frictional unemployment facilitates this through moving employees towards jobs to which they are better suited.
Hyperinflation Hyperinflation refers to a state of economic instability in which the value of a currency plummets so rapidly that the cost of goods increases at a rate
that far surpasses typical inflation and which ultimately undermines the entire economy in question. One of the first theorists to identify hyperinflation, Cagan, defined it as a state in which
inflation increases by at least 50% per month (Cagan, 1956). However, in the decades since, actual rates of hyperinflation have dramatically exceeded this definitional limit, with rise of inflation sometimes
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