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Economic Policy Recommendation - Term Paper Example

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Unemployment has adverse effects on the society and the economy of a country. The purpose of this paper example is to formulate and describe a policy recommendation which will intend to fight the unemployment. Thus, the paper takes into consideration various economic and governmental factors…
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Economic Policy Recommendation
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Download file to see previous pages Frictional unemployment is regarded as the easiest type of employment. It takes workers to shift from one job to another since some workers lose their jobs before they have other jobs lined up. This period of unemployment lasts for a short period and is not problematic from an economist’s point of view. Cyclical unemployment is the type that occurs during periods of recession or depression and the rates lowers during periods of high economic growth. During recessions, the demand for goods and services in a given economy falls. Companies react by laying off some workers and cutting production instead of reducing wages and prices. Unemployment therefore results since there are more workers in the economy than the available jobs. Economists put focus on the root causes of the economic downturns that result in this problem (John 2010).
Structural unemployment occurs when the labour market has more workers than the available jobs. This kind of unemployment also results when workers possess skills that are not in high demand in the market place, and lack those that are in demand. Structural unemployment is significant since it is long term as the employers’ requirements and workers’ skills don’t match. Seasonal unemployment is another type that occurs in fields where worker demands vary widely over the course of the year. It is regarded as less problematic compared to structural unemployment since it is short term.
Unemployment does not only affect the unemployed person but the society in general. It forces people to live in a way they do not wish, bringing unhappiness, despair and anguish. Unemployment is related to mental health problems such as depression, low self esteem and feeling unworthy. Ill health may also result from malnutrition, drug addiction, poor prenatal care which occurs in cases of unemployment. Many studies link unemployment to family disruption. Tension increases at home due to the quarrels and argument which is reflected in the increase in divorces. Unemployment is associated with increase in crime and violence in the society (Hall, 2005). The unemployed people are faced with financial insecurity which results in poverty and indebtedness. Other social problems that results from unemployment include homelessness, ethnic antagonism and school dropouts. Unemployment worsens an individual’s situation since the longer a person is out of job, the more difficult it is to secure one. Employment gap is a negative aspect as no one is willing to employ a person who has been out of job for long. Long period of unemployment causes a potential worker to lose skills. The living standards of unemployed persons are low. Due to job competition, even the salaries of employed persons are reduced which lowers their living standards as well. Unemployment can result into political instability ...Download file to see next pagesRead More
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