what's the what?
Unemployment rates. We’ve heard them time and again. How important those rates are in determining the overall productivity of a country’s economy.
Why? The basic intuition is that the less people that work, the less that will be produced and the less that will be consumed
Governments, corporations, hedge funds, and even your local grocery care a lot about these figures because it could be looked through the lens of both supply and demand. We hoard on it every year and are quick to claim that “This year was the best year ever for job creation!”
Well now I'm depressed...
Of course, you could blame The Great Depression for this paranoia. The number crunching is only the beginning of this mess of a concept and since it is well covered by movies like The Wolf of Wall Street and The Big Short we’ll breeze through this topic. However keep it handy, it would be helpful for you as we tread along.
Who are the actors?
Let me set the stage for you.
The actors, well they are just like you and me. Many of which are at the frontlines of corporations, non-profit organizations and even your local coffee shop. Working less than their real capacity but doing so because they need a living wage// that almost any job available would provide for them.
At this point we’ve all been there, unpaid internships for experience and uninspiring desk jobs to pay for rent. All of this silently contributing to the growing trend of unreliable employment (flexible employment definition) in the last 2 decades.
Fun fact the average 28-year-old would have gone through at least 8 jobs. If this is starting to sound pretty ungrateful, I apologize. Jobs are hard to come by.
But in this context, we have to be critical. How can one possibly be good at one thing if he/she is juggling 3 part-time jobs at the same time? Let’s think about it for a second. THEY CAN’T.