Professor of economics Homer Simpson made the decision to take a year off from teaching in order to manage a fishing vessel in Alaska. Professor Simpson would be classified as fundamentally unemployed in that year.
Long-term unemployment brought on by changes in the economy is referred to as structural unemployment. Even while there are open positions, there is a mismatch between what employers require and what the current workforce can provide.
For instance, workers who make specialized clothing items that suddenly become outmoded may lose their jobs making these items, leading to structural unemployment.
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