Melinda Pitts, research economist and director of the Atlanta Fed's Center for Human Capital Studies, gives an economist's view of unemployment. She discusses how the labor market differs from a product market, different ways of looking at and measuring unemployment, and other issues concerning unemployment.

Part 1: The Market for Labor (3:16)

Part 2: Labor Market Data and Measurement (6:28)

Part 3: Characteristics of Unemployment (7:28)

Part 4: The Return to Education (4:11)