The Great Labor Shortage Crisis | Economics Explained

The video discusses the economic impact of COVID-19, highlighting the initial spike in unemployment and subsequent recovery. It explores the paradox of labor shortages despite high unemployment rates, leading to increased wages and better job conditions. The concept of full employment is explained, along with different types of unemployment and their implications. The relationship between employment levels and inflation is examined, focusing on the NAIRU. The role of government policies in influencing unemployment is discussed, with a look at institutional unemployment. Finally, the video analyzes the current job market dynamics and offers advice on capitalizing on the situation.

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