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Underemployment equilibrium
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===Underemployment in the aftermath of the 2008 financial crisis=== Graduates entering the job market in 2012 faced very tough competitions[8], caused by an oversupply of skilled workers, including fresh graduates and people who were laid off during the 2008 financial crisis. Graduates did not have enough time to respond to the 2008 financial crisis and continued to finish their degrees, only to find that there are not enough jobs upon graduation. This underemployment equilibrium state is characterized by overqualification β many college graduates are taking positions designed for less educated individuals due to gloomy job market conditions.[8]
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