00:01
While zero unemployment might seem like an ideal goal, it's more important for policymakers to focus on addressing the root causes of unemployment and to weigh the costs and benefits of their actions.
01:13
It's also important to understand what causes unemployment and what zero unemployment would mean.
01:22
One of the reasons people become unemployed is because they choose to leave their job and seek a different one.
01:53
So this makes zero unemployment an unattainable goal.
01:57
Because if people have free will and if people can freely choose to leave their jobs, which they can, then we're never really going to have zero unemployment because i may want to leave my current job and go somewhere else.
02:10
And unless i quit on a friday and start my new job on monday, there's going to be a period in time in which i'm unemployed.
02:18
Either when i'm looking for a new job or maybe i take a break between the two jobs.
02:22
I take a little bit of time off just for some rest and self -care before i start the new job.
02:29
Whatever the reason may be, there's likely to be a little bit of a gap where i'm considered unemployed.
02:34
That's normal, but it means that zero unemployment is an unrealistic and unattainable goal.
02:40
The other thing to remember is to ask yourself this.
02:46
If we have zero unemployment, how do we grow the economy? if we have zero unemployment, there's nowhere to go.
03:09
I can't open a business.
03:11
Everybody's employed.
03:12
There's nobody to hire...