Concept: Labour as under utilized resource

What are the real statistics on hidden unemployment?

Statistics NZ defines "Jobless" as: "Jobless: people who are either officially unemployed, available but not seeking work, or actively seeking but not available for work. The ‘available but not seeking work’ category is made up of the ‘seeking through newspaper only’, ‘discouraged’, and ‘other’ categories." Classical theory of labour market equilibrium purports to balance off the Law of Diminishing returns against profits: where the labour demand and labour supply determine the equilibrium real wage (W/P*) and employment level (N*). demand, would be consistent with a product market equilibrium where aggregate demand for goods and services was equal to aggregate supply
 * Classical system requires a factor to ensure that the labour market equilibrium with no excess supply or
 * This factor Is Loanable Funds theory, and interest rate is the throttle on this factor.

Jobless= 279,300 people. March 2016 Quarter statistics, see table "Household labour force survey tables" (hlfs-mar16qtr-tables.xlsx) Line 46, table 8.

=
  International Labour Organization definition===== According to Employment Policy Convention (ILO No. 122), which was adopted by signatory nations in 1964. full employment ensures that


 * (i) there is work for all persons who are willing to work and look for work;


 * (ii) that such work is as productive as possible; and


 * (iii) that they have the freedom to choose the employment and that each worker has all the possibilities to acquire the necessary skills to get the employment that most suits them and to use in this employment such skills and other qualifications that they possess.

The situations which do not fulfil objective (i) refer to unemployment, and those that do not satisfy objectives (ii) or (iii) refer mainly to underemployment.