Department of Economics, ICFAI University Nagaland organised a talk on March 27.
Dimapur, March 30 (MExN): The Department of Economics, ICFAI University Nagaland organised a talk on ‘economics of natural and non-natural rate of unemployment’ with Dr Tumbenthung Y Humtsoe, Economics and Statistics Officer, Government of Nagaland as the guest speaker on March 27.
A press release from the university stated that speaking on how unemployment problem is a pressing national and a growing global economic concern, Dr Tumbenthung highlighted that with unemployment rate in Nagaland the highest among the states of India, this problem has become even more pressing and even more growing state’s concern. In this context, the speaker talked about what unemployment is and how it is conceptualized and analyzed in economics.
Dr Tumbenthung discussed on how basic concepts in economics such as law of demand, diminishing marginal returns to utility, opportunity cost, demand curve, equilibrium price etc. can be used in economic analysis of social concerns such as unemployment.
He also encouraged the students to think about contextualizing the theoretical concepts to our context, i.e., unemployment in Nagaland and see if the concepts can provide an explanation and solution to the unemployment problem in our state.
The talk concluded with an engaging question and answer session.
