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The Issue of Unemployment - Report Example

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This paper "The Issue of Unemployment" seeks to analyze the historical evolution of the issue of unemployment along with the current status of it with various problems faced by the people from time to time and the unemployment rates in different countries…
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The Issue of Unemployment
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Download file to see previous pages If the efficiency of the economy is to be maximized, then all the individuals in the economy would be employed at a certain wage rate. An unemployed person is simultaneously unproductive as well as a huge drain on the resources of the society leading to a huge drop in the aggregate output production in the economy. Psychological impacts of unemployment are also adverse which leads to long-run degradation of an economy. The obnoxious characteristics of unemployment are one of the foremost problems in every country of the world be it a developed or developing and the government of those countries are facing everyday challenges and formulating as well as implementing strategies in order to mitigate the problem of unemployment (Griffiths & Rotheim, 2007, p.2). The paper will seek to analyze the historical evolution of unemployment along with the current status of it with various problems faced by the people from time to time and the unemployment rates in different countries. Following this, the focus will be entailed on the endeavor adopted by different governments for neutralizing this grave problem. Finally, the paper will inject some self-assessed recommendations for solving the problem of unemployment. II. Definition of the problem of Unemployment Unemployment is the macroeconomic problem that affects people most directly and in a severe manner. For the majority of the people in the world (although there are voluntary unemployment and other forms of unemployment which is discussed later in this segment), a loss in job correlates directly with a reduced living standard and immense psychological distress. (Mankiw, 2005, p.155). It is one of the central themes of discussions for economists and politicians around the globe in the identification of different causes of unemployment and simultaneously involves the improvement of several public policies affecting the unemployed. In this respect, a famous statement by Thomas Carlyle can be mentioned which is as follows: “A man willing to work, and unable to find work, is perhaps the saddest sight that fortune’s inequality exhibits under the sun” (Huebner, 1932, p.49). Now a short insight into different types of unemployment can be provided in order to have a more brief idea of the unemployment arena. Frictional unemployment Within the sphere of unemployment, it has been found that a certain amount of time has been spent within the job tenure of the individuals and finding another employment. The labor market is a dynamic market and at a particular point of time there will remain a certain number of unemployed persons and the crux of frictional unemployment leads to acknowledging the fact those adjustments in the employment takes some time which is indeed a harsh reality (Mankiw, 2005, p.603). Structural unemployment This type of unemployment generates when there is a wide gap between the skills required by the employers of firms and skills provided by the employees or the labor and this type of unemployment experiences long spells. It has been found in the industry of rocket science there can generate higher or lower unemployment in the submarket rather than the national market. In this industry, if the trade agreements are such that it allows for outsourcing in the other countries, then the labor market for the rocket scientist will perish in the domestic country (Schmitt, J & Warner, 2011, p.1). ...Download file to see next pagesRead More
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