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MAcro R - Assignment Example

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MACRO ECONOMICS By Code + University Name Date Macro Economics This paper evaluates macroeconomics as a phenomenon accounting for issues, objectives and policies that affect the whole UK economy. The aggregates referred on this paper are macro, and they are the determinant factors of increased rate of the unemployment, inflation in relation to UK economic growth…
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MAcro R
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MAcro R

Download file to see previous pages... National Statistics charged with the mandate of reporting the rate of unemployment in United Kingdom reports that; the mean rate of the unemployment rate is 7.70 percent from the period of the year 1971 until 2013. The greatest unemployment rate was 12.0 percent reported on May 1984, and the lowest rate of the unemployment was 3.4 percent reported in November 1973 (Trading Economics 2013). In the United Kingdom, the calculation of the unemployment rate measures the number of persons actively searching for an occupation as a percentage of the entire workforce (National Statistics 2013). Moreover, National Statistics reported that there were 2.89 million of unemployed people in UK down from 18.000 reported on March to May 2013. These statistics clearly indicates that the unemployment rate has been declining day by day in United Kingdom. This is as a result of the government effort through which it established policies intended to succumb unemployment among other issues affecting UK economy. From the use of Microeconomic principles, there may be a host of causes of unemployment in UK. ...
The main reasons for frictional employment in U.K are because information is not always perfect and it always takes time for people to find work. The next common form of unemployment is the structural unemployment, which occurs due to a mismatch of skills in the labour market. There are three main reasons for this form of unemployment namely occupational immobility, geographical immobility and technological change. Occupational immobility refers to the difficulties in learning new skills applicable to a new industry. Many people fail to access information relevant in assisting them gain a competitive advantage in the job market. With the changes that occur everyday in organizations the job market continues to become more demanding, unfortunately many unemployed people either lack the knowledge of what they need to get the jobs or lack the finances to advance their skills. Geographical immobility that refers to the difficulty of working in certain areas because of issues of transport and movement is another common cause of unemployment. For example, there may be job in London, but accommodation and living conditions compared to the place one lives may be difficult to afford. For other people, it is difficult to leave their families in search for employment. Change in technology may also lead to unemployment. This is so because firm can lay off some of its labour force since it is possible to perform a similar amount of work with the help of technology and maintain a smaller work force. Changes in the economy are also likely to lead to unemployment as some firm may have to close down after economic changes make it impossible for them to continue operating (Snower 1997) Other causes of unemployment are when people ...Download file to see next pagesRead More
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