Classical Unemployment Definition
Classical unemployment occurs when real wages are kept above the market clearing wage rate, leading to a surplus of labour supplied.
Classical unemployment - See real wage unemployment.
Classification - The process of separating and distributing items into classes/categories of the same or similar type.
Classical unemployment [r]: Unemployment that results from setting the wage rate at a level at which the demand for labour falls short of its supply. [e] ...
 See also: Labour, Equilibrium, Current account, Cyclical, Values
  
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