Concerning the natural rate of unemployment

Write a summary of 800 words (+/- 10%) of the two following articles concerning the natural rate of unemployment.
 

???? FOCUS on the BIG PICTURE !!!????

THINK about the ESSENCE, do not loose yourself in nitty gritty details.

Read the articles separately and make distinct summaries. Integrate the summaries only after you have a clear idea of how you want to organise the final text.

???? Ask yourself the following questions:

• What is the purpose of each article?
• What is the specific approach to the subject of each article?
• Do they use the same definitions?
• How do they relate to one another? Which is the more general? Which is more specific?
• How can I use what I have learned to organise my thoughts?

This assessment will be marked according to the following criteria:

1. Knowledge and understanding (35%): Students will need to show their understanding of key concepts in their specifically economical context (such as, demand, margin, equilibrium, inflation) and of the techniques, tools and methods (aggregation, open-market operations, indexing) used in economics.
2. Cognitive Skills (20%): Students will need to see the logical relationship between them (for instance, between micro-economic demand and supply and macro-economic aggregation) and summarise it
3. Practical and professional skills (35%): Students will need to be able to relate the main conclusions derived from the given articles to their commercial and political implications.
4. Transferable and key skills (10%): Students will need to demonstrate that they have developed basic analytical and communication skills on economic issues using the terminology of economics.