This paper discusses the increased level of unemployment and its effects on an economy and the society as well. In addition, possible solutions and their effectiveness will be discussed at length as well. An also this paper tells about the policies that would result in curbing unemployment. …
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For instance, the level of unemployment in China is 4.3 % while that of Japan is at 4.5%, nevertheless the unemployment rate of these countries does not remain constant; it keeps changing with time (trading economics, 2011). Below is a graph indicating the difference in levels of poverty among countries. Fig 1: 2011 unemployment rates of different countries. Needless to say, there are a number of reasons that cause unemployment in the world. First, some individuals lack the required skills and knowledge to tackle tasks, hence hindering their chances of acquiring a job. Secondly, the welfare payments and unemployment insurance are believed to contribute to the increasing levels of unemployment. The unemployed continue benefiting from these governments’ assisted programs, hence becoming reluctant to search for jobs. This paper will discuss the issue of unemployment, its impact to the society in causing poverty, and the possible solutions at length. Major impact of unemployment to society The Increasing levels of unemployment are continuously contributing to the level of poverty among nations, which negatively affects the economy and the society of these nations as well. There are various types of unemployment. Cyclical unemployment is one of them, which is influenced by the business cycle, for example, the higher the growth of domestic product, the lower the levels of unemployment, and vice versa (Hartley, 2010, p.29). Structural unemployment involves launching new products in the market, therefore changing the demand of certain goods. In return, unemployment rate in certain sectors increases, whilst jobs are created in other sectors. According to Kim (2010, p.57), one third of the world’s...
Unemployment as an Economic Problem
Unemployment can be defined as the number of people in a nation without jobs, including those that are seeking for employment (OECD, 2003, p.32). Unemployment is a problem that affects many countries, to an extent of reducing productivity and loss of income opportunity. When the level of unemployment is high, the growth domestic product is lower compared to when the levels of unemployment are low. On the other hand, when the growth of domestic product is low, the levels of unemployment increase, the living standards of individuals are reduced, and the nation’s productivity decreases.
Unemployment also contributes to loss of human capital, as the unemployed individuals do not contribute their skills and knowledge to the workforce. Moreover, unemployment does not only contribute to poverty, but it also reduces the levels of consumption and the ability of purchasing, and as a result, slowing down the potential of the market. Nevertheless, unemployment levels differ among different countries, taking different forms; however, the developing nations are highly affected by the unemployment issue compared to the advanced economies (OECD, 2003, p.32). For instance, the level of unemployment in China is 4.3 % while that of Japan is at 4.5%, nevertheless the unemployment rate of these countries does not remain constant; it keeps changing with time (trading economics, 2011). Below is a graph indicating the difference in levels of poverty among countries.
Needless to say, poverty increases as the level of unemployment increases; this is evident since the unemployed have no source of income, making them to struggle in providing basics needs for their families.
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