This is . It is the economic equivalent of a fever that doesn’t show up on a thermometer. And right now, it is quietly bleeding productivity from emerging economies, rural regions, and even the back offices of modern corporations.
Measuring disguised unemployment is notoriously difficult compared to open unemployment. disguised unemployment
It also hides the true health of an economy. A government might boast a 4% unemployment rate, but if 20% of its workforce has a marginal product of zero, that economy is actually functioning far below capacity. It is like a car with two cylinders firing—the engine is running, but it’s going nowhere fast. This is