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Unemployment - Research Paper Example

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Extensive research over multiple aspects of unemployment has revealed that the past unemployment results in change of preferences such as prices and constraints, affecting the levels of future unemployment as well…
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Download file to see previous pages... Extensive research over multiple aspects of unemployment has revealed that the past unemployment results in change of preferences such as prices and constraints, affecting the levels of future unemployment as well. Individuals differ in certain unmeasured variables that, if not properly controlled, have influential impact on levels of unemployment. There exists, however, no universally acceptable definition of unemployment so far because both employed and unemployed people worldwide are measured quite differently.Over the last few decades, the progressive world economies have, though slowly, recognized the complexity and seriousness of growing unemployment issues at last. However, various scholars and economic organizations have provided with more generalized definitions of unemployment. The most widely referred definition from the International Labor Organization states that unemployment “occurs when people are without jobs and they have actively looked for work within the past four weeks. The unemployment rate is a measure of the prevalence of unemployment and it is calculated as a percentage by dividing the number of unemployed individuals by all individuals currently in the labor force.” According to the Census Bureau, “unemployed persons include those who did not work at all during the survey week, and who were looking for work. Also included are persons who would have been looking for work except that (a) they were temporary ill, (b) they expected to return to a job from which they had been laid off for an indefinite period, or (c) they believed no work was available in their line of work or in the community.” Unemployment can also be defined as, “An economic condition marked by the fact that individuals actively seeking jobs remain un-hired. Unemployment is expressed as a percentage of the total available work force. The level of unemployment varies with economic conditions and other circumstances.” (Investor words, 2009). Students, children, retired personnel or people not interested in a paid job are not inclusive, however. Categorized on basis of causes and consequences, there are four major types of unemployment in macroeconomics. Frictional unemployment - People who are re-entering (are between jobs) or entering for the first time or after absence from work usually experience short-term unemployment called frictional unemployment. This kind of unemployment is sometimes considered beneficial as it provides time to individuals, organizations and societies to find better jobs build suitable workforce and improve services respectively. Structural unemployment – Unemployment also occurs if there are both jobs and workers available but the skills required for a job are not matching workers’ experience. This situation often results due to changes in structural economies and lasts for several years (long-term). For example, jobs are available in oil and gas industry and workers have skills with textile industry, there is a mismatch of skills leading to Structural unemployment. Seasonal unemployment – Sometimes, changes in weather, tourist activities or other seasonal factors results in short-term unemployment of related people called Seasonal unemployment. For example, some people experience joblessness as the construction activity slows down during extreme winters. Cyclic unemployment – Due to prolonged periods of recession, production outputs are reduced causing joblessness. Previous employees lose jobs and entrants have fewer openings to search. As business cycle is actively involved, this type of unemployment is called Cyclic unemployment. This is long-term and considered as the most severe kind of unemployment. When joblessness due business cycle is minimized to zero, economists say that we have reached full employment. Rise in level of unemployment is considered among the most worrisome economic problems. Due to gradual adjustments according to the market equilibrium price and quantity over time, there exists no ...Download file to see next pagesRead More
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