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Cyclical unemployment is attributable solely to a deficiency in the level of economic activity. This form of unemployment is the most undesirable because it is avoidable.
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The unemployment during the great depression of the 1930's, was cyclical unemployment in its entirety. Everyone held on to the jobs they still had: friction unemployment was unlikely. Structural unemployment was also far less noticeable than the unemployment caused by people afraid to spend their money and by firms forced to cut back on their output. |
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