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Examines unemployment statistics, methods of presentation, different categories of unemployment and various interpretations placed on them. Analysis of the change in the traditional relationship among labour market indicators; Gujarati's paper about the relationship between unemployment and unfilled vacancies from 1958 to 1971; Effects of the Redundancy Payments Act; Explanation on why relatively high levels of unemployment have been associated with particular levels of unfilled vacancies.

Summarizes economic options open to the British government in the 1970s. Nature of incomes policy; Policy strategies for moderating inflation; Characteristics of the labor market; Structure of wage determination; Relationship between demand conditions in the labor market and rate of change of money wages.