Voluntary Unemployment
Voluntary Unemployment occurs when some people are not willing
to work at all, are not willing to work at the existing wage rate, these
persons are voluntarily unemployed, i.e. unemployed by their choice.
They
may not work due to laziness or otherwise, they are not interested in any
gainful job. They are unemployed not out of compulsion but due to their choice.
We may include both the ‘idle rich’ and ‘idle poor’ in this category.
Similarly,
there may be some anti-social people like thieves and pickpockets who may be voluntarily
unemployed.
We
do not include such cases of voluntarily unemployed persons under unemployment,
therefore these persons are not considered unemployed.
Involuntary Unemployment
Involuntary Unemployment refers to the situation when some people
are not getting work, even when they are willing to work at the existing wage
rate.
