Distinguish between voluntary and involuntary unemployment
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Yogita Ingle 6 years, 7 months ago
Significance of this distinction is that the magnitude of unemployment in an economy is reflected by the magnitude of involuntary unemployment since the former includes only involuntary unemployment.
It needs to be understood that involuntary unemployment is different from voluntary unemployment. Voluntary unemployment refers to those persons who are not willing to do work although suitable work is available for them. In other words, they are voluntarily unemployed, i.e., unemployed of their own will. Such persons are not included in labour force of the country. On the contrary, involuntary unemployment refers to a situation when those who are able and willing to work at the prevailing wage rate do not get work. Hence they are unemployed against their wishes.
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