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UNEMPLOYMENT IS an important indax of economic slack and lost output , but it is so much more than that. For tha unemployed person, it is often a damaging affront to human dignity and sometimes a
catastrophic blow to family life. nor is this cost distributedin proportion to ability to bear it. its falls most heavily on tha young , tha semiskilled and unskilled , tha blac person .

tha older worker, and underemployed person in a low income rurel area who is denied tha option of securing more rewarding urban employment. Concentrated incidence of unemployment. Tha concentrated incidence
of unemployment among specific groups in tha population means far greater costs to society that can be measured simply in hours involuntary idleness or dollars of income lost. Tha extra costs include disruption of careers of young people, increased juvenile delinquency, perpeotion of condition which breed racial discrimination in employment and otherwishdeny ecuequality of opportunity

there is another and more subtitle cost . tha social and strains of prolonged underutilization create strong pressures for cost-increasing solutions. On tha side of labour, prolonged high unemployment leads to share-tha-work
pressures for shorter hours, intensifies ersistance to technological change and to rationalization of work rules. On the side of business, the weakness of markets leads to attempts to raise prices to cover high average overhead costs and to pressures for protection against foreign and domestic competition