This essay explores detrimental effects of unemployment on both macro and micro-levels of economy. Unemployment remains an issue of strong magnitude in the modern world. This issue threatens many economies in the world, regardless of their status…
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Importantly, unemployment is highest in less developed nations; however, with the global economic slump, developed economies are of late facing the challenge. Predominantly, the US subprime challenges and its wide spread effects have considerably worsened the situation. In India, the challenge of unemployment is a prime obstacle to the region’s development. Studies note that even during the good periods, most Indian farmers remain unemployed for several years. Explosive populations and region disparity presents the major challenge for this economy. According to International Labor Organization (ILO) statistics, since the beginning of the 2007 fiscal crisis, the corporate world has lost more than thirty-four million employees. Indeed, the organization’s estimate of the year 2010 presented that about 210 million people were unemployed (Bahmani 236). Surprisingly, terrifying prospect states that the world’s youth unemployment figures may amplify progressively at a yearly average rate of 13.2 %. As such, the organization presents sentiments that economical consequence of this situation is perilous thus demands critical attentions. The rational behind the high rate of unemployment Rethinking of the controversy characterizing the world’s present condition of unemployment is of great essence. A major factor increasing the unemployment rates is the lack of sustainable demands for the labor. Bahmani (236) notes that in developing economies, a considerable group of people works as extra labor. This case has emerged by sense that the world lack approaches for promoting industrial and corporate ventures that can comfortably absorb its labor. Tactical...
This essay presents an modern attempt to find the solution to the unemployment issue on both micro and macro levels, by performing thorough theoretical research of the problem. Unemployment is an old economic challenge; thus, economists and policy makers have ever struggled to counter the problem. This effort has managed to regulate the spread pace, but of late, the situation has gone out of control.
Strategic arguments observe that both macro and micro-economists should examine the present rates of unemployment critically. Unemployment invites financial disaster and reduces the aggregate purchasing capacity of a country. Unemployment leads to less spending hence minimizing businesses’ capital
Adopting tactical measures can minimize the challenge presented by high rates of unemployment. Considering the magnitude of the matter, it is rational to propose that any future economic reforms and industrial adjustments should target reducing the challenge of unemployment. Both economists and policy makers need to work communally while according preference to unemployment. Tactical approaches entail promoting sustainable utilization of the available resources and engaging further industrial and technological developments.
The corporate world and government entities should engage tactical measures aimed at alleviating unemployment. Developing employment opportunities and parity in income allotment will considerably address the concern of unemployment. Economies proliferation in future resides on the world’s unemployment rates.
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