Social costs - Essay Example

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However, academics and economists make quite convincing arguments about the existence of a certain level of natural unemployment which cannot be eliminated completely. The high unemployment inflicts significant social…
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Social Costs of Unemployment in the USA and Canada Unemployment is recognized as unhealthy across the world. However, academics and economists make quite convincing arguments about the existence of a certain level of natural unemployment which cannot be eliminated completely. The high unemployment inflicts significant social costs on the country. The social costs of unemployment in both the USA and Canada are similar in most cases; nevertheless, there exists instances where they differ.
Long-term unemployment in both the USA and Canada creates numerous long run social costs in these nations. For instance, the long-term unemployed people in these countries become discouraged and exit the labor force market prematurely instead of continuing to search for the jobs that have evaded them for a long while (Junankar, 2009). This is mainly likely for the older generation who are unemployed because they take quite longer to get jobs. 
Most persons in these countries who have been unemployed suffer certain erosion in their acquired job skills since they haven’t been applying them. This is apparently a much bigger social problem for the individuals who have been out of employment for a long time. The erosion is even worse for individuals with skills in specific fields which change more rapidly (Junankar, 2009). Much unemployment also involves a waste of time as well as the country’s productivity. 
The most noticeable difference in social costs of unemployment in the USA and Canada is in health care. Canadas healthcare performance is of higher quality on most factors than in the USA. Additionally, healthcare attention is universal for all Canadians. In the United States, the complaint is that most people are uninsured; therefore, do not have access to most basic health care amenities which Canadians are entitled to. This creates a burden on the emergency chamber services in the States which in turn increases healthcare costs significantly (Junankar, 2009).
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Junankar, P., N. (2009). Social Costs of Unemployment. Colchester: University of Essex Dept. of Economics.
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