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The main reason the unemployment can't fall to zero is that unemployment below NAIRU (Non-Accelerating Inflation Rate of Unemployment which is around 5%) creates a tight job market which leads workers to demand higher wages and firms to increase its prices as demand and costs go up. This situation leads to high inflationary pressures.
Wiki User
∙ 13y ago
Unemployment does not go to zero during booms for multiple reasons. Firstly, there is always a certain level of frictional unemployment as people transition between jobs or enter the labor market. Additionally, changes in technology and demand may lead to structural unemployment, where certain skills become obsolete. Finally, there may be a mismatch between the skills of the unemployed and the available job openings, resulting in a persistent level of unemployment even during economic booms.
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