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Unemployment - Essay Example

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Summary
Unemployment is said to be a situation where people are in working age, mostly 18-65 and economically active, but cannot find a job even after active search (Knight, 2009). There are three main types of unemployment namely fictional, structural and cynical…
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Unemployment
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Unemployment

Download file to see previous pages... To solve this, the government should provide stimulus to firms to train these employees and make them marketable for other jobs and those who are unemployed to join the training schemes.
Frictional unemployment occurs when individuals are moving from one job to another for which they are qualified. It is closely related to structural employment but it is frictional since the labor market is not automatically matching up with all available workers. This can be solved by setting up job centers that help people look for suitable employment or cutting unemployment benefits to discourage idleness (Mark 2008).
Cynical unemployment occurs there are inevitable contractions on the business and economic cycle. It is involuntary and not skill mismatch. The economy the capability of creating jobs which boost economic growth. A growing economy typically has lower level of unemployment. Government has to reduce tax and increase public spending. Cutting tax will induce more people to work due to the increase in disposal income level (William, ...Download file to see next pagesRead More
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