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DIMAPUR — The department of Economics at ICFAI University Nagaland organised a talk on "Economics of natural and non-natural rates of unemployment" on March 27 at its premises, with Dr. Tumbenthung Y Humtsoe, Economics and Statistics Officer, Government of Nagaland, as the guest speaker.
According to a press release, addressing the pressing national and growing global economic concern of unemployment, Humtsoe emphasised that with Nagaland's unemployment rate being the highest among the states of India, this issue has become even more acute and significant for the state.
In this context, the speaker discussed unemployment and how it is conceptualised and analysed in economics.
Humtsoe noted how fundamental economic concepts such as the law of demand, diminishing marginal returns to utility, opportunity cost, demand curve, equilibrium price, etc., can be applied in the economic analysis of social issues such as unemployment.
He also encouraged students to contemplate contextualising theoretical concepts in the local context, specifically addressing unemployment in Nagaland, to determine if these concepts can offer explanations and solutions to the state's unemployment issue.