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Microeconomics article review - Term Paper Example

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The article Long-term Unemployment Is Indeed A Catastrophe But It’s a Microeconomic One, Not Macro discusses the problem of unemployment and its effect on the economy. The global recession that started in 2007 did not have the deep impact on unemployment that economists expected…
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Microeconomics article review
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Download file to see previous pages It is important to understand that in the general economy there is a job destruction rate and a job creation rate. Unemployment occurs when these two factors are out of balance. A recession does not impact the job destruction rate, but it does affect the job creation rate by lowering it. During the recession as the job creation rate falls the period of unemployment lengthens. “The percentage of the labor force unemployed for 27 weeks or more is finally decreasing, after peaking at about 4.3 percent in April 2010 and hanging around 4 percent until September 2011” (Worstall, 2013). It is unknown how much of that decline is associated with people finding jobs or leaving the job marketplace. Typically when people leave the job marketplace it becomes hard for them to come back. People that leave the workplace do not enjoy the pleasures associated with having income. Adults that leave the workforce negatively impact the economy because it loses the goods and services they could be producing. The stimulus package through programs such as the TANF Emergency Fund helped job creation in the United States. Some of the ill effects of long term unemployment include erosion of skills and dissociation from the job market. An economic concept called hysteris could have occurred in the United States. ...
In Europe another 4% continues to be out of the workforce for over a year, while almost none in the U.S. One of the reasons for the discrepancy in long term unemployment behavior is that unemployment benefits in the U.S run out after six months, while in Europe they continue for years or indefinitely. The increase in unemployment insurance was an effective incentive to keep money flowing in the economy, but its effect on reducing the unemployment rate is questionable. “There was undoubtedly some increase in long-term unemployment as a result of the UI extension: people do respond to incentives after all” (Worstall, 2013). Stimulating the economy by running a fiscal deficit does not positively impact the nation’s unemployment rate. The article provided great insight into the unemployment problem in the United States of America. Unemployment was a topic discussed in class during the semester. It is a very important economic topic because it affects the lives of everyone in a society. People need to work to earn income to spend in consumer goods and services. When a person loses his job he becomes unemployed. The chances of this person finding a job quickly increases when the nation’s unemployment rate is low. I learned from the article that short term unemployment is referred too as frictional unemployment. A second economic concept learned in class that was discussed in the article was recession. A recession can be defined as a decline in gross domestic product (GDP) for two or more consecutive quarters (Investorwords, 2013). During a recession people lower spending often in fear that they might lose their jobs. The author of the article indicated that people that are unemployed during a recession often have a hard time ...Download file to see next pagesRead More
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