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The level of unemployment in United Kindgdom - Coursework Example

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The level of unemployment in UK Author Institution 5th December 2011 Main trends in UK unemployment Introduction Unemployment is an economic pointer that refers to the proportion or the number of people in an economy who are competent and ready to work, but are not able to get a job…
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The level of unemployment in United Kindgdom
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The level of unemployment in United Kindgdom

Download file to see previous pages... Increased unemployment in a country shows that a country does not use its resources appropriately. It carries momentous social costs in that, unemployed people must habitually depend on benefits for income from other people. Besides, the sense of boredom rejection and failure of being unemployed brings a lot of social consequences to their lives. Recent studies have constantly linked unemployment to deterioration of health and rising suicide and crime rates. The causes of unemployment are diverse and economists differentiate a number of types: structural unemployment is caused by changes in the labor market or the economy. This is the failure of available jobs to fit workforce skills; frictional unemployment is the occurrence of people being amid jobs; cyclical unemployment is caused by the vagaries of cycles in the business; and seasonal jobs are caused by different seasonal jobs e.g. construction and farm work (Bassanini and Duval, 2009). Background The history of UK unemployment is central to social and economic history of the country. As a result of post war boom, 1950s and some parts of 1960s saw very low rates of unemployment going to as low as three percent. This was far- off much lower compared to other years and this has made a number of hypotheses to be put forward to account for this unique time in the history of labor market. The servicemen who were in the far front had been promised full employment if they won in the Second World War. The government was not prepared to break this pledge. The record quantities of exports and imports went through docks in London when the reconstruction endeavor was in full dangle. The skilled labor was enthusiastically recruited from the countries forming commonwealth to help in building of hospitals, schools and houses in London. Growing prosperity brought a new boldness to young generations in London who was looking to America for models f music and other behaviors. In around 1958, the growing western community of India in Notting Hill was attacked by rampaging youth gangs. This was disaffected infantile delinquents that became a problem to Londoners. The manufacturing companies flourished very much in 1950s especially the ones that were making consumer goods such as radios, televisions and washing machines. The offices in London increased white collar jobs bringing a boom of over 50,000 jobs. By the, the services went up to 51 % of London’s economy while manufacturing accounting for 42 % (UK unemployment, 2011). The office jobs benefited women very much outnumbering men in for the first time ever (Kalachek and Westebbe, 1961). Unemployment in (%) 1950 1.5 1955 1.1 1960 1.6 1965 2.6 1970 4.1 1975 4.5 1980 6.8 1985 6.4 1990 7.1 1995 8.6 2000 5.4 2005 4.9 2009 5.8 2010 8.1 2011 7.9 Source: Kalachek and Westebbe, (1961), Bell D., Blanchflower G. (2008) and Nickel S., Nunziala L. (2005) Technological progress, the achievement of Keynesian economics, steady international trade environment and constancy of the Phillip curve (which postulated an affiliation amid high inflation and reduced unemployment) brought a situation of full employment approach. Before this, the preponderance of the women lingered in the category of the people who were economically inactive. The economic prevailing attitude of the detonation years collapsed in late 1960s and early 1970s. The energy crises of 1973 as well as 1979 created stagflation, rising unemployment, and rising inflation. This is something that reckoned impossible using Phillip ...Download file to see next pagesRead More
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