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The Extent to Which Unemployment Is a Microeconomic As Opposed To a Macroeconomic Problem - Assignment Example

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This paper "The Extent to Which Unemployment Is a Microeconomic As Opposed To a Macroeconomic Problem" focuses on the fact that one important goal of microeconomics is to analyse market mechanisms, which establishes relative prices of goods and services and allocation of resources. …
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The Extent to Which Unemployment Is a Microeconomic As Opposed To a Macroeconomic Problem
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Download file to see previous pages Unemployment is not a straight subject as this is beset with various microeconomic problems of wages, skill, training, hours of work, welfare and myriad of employment dynamics. Therefore, labour economics deals with all these aspects to look into the details and finds a solution (Sundram and Vaish, 1992).

Unemployment is an important measure of the strength of the economy. A high unemployment rate generally indicates an economy in recession with few job opportunities, while a low unemployment rate points to an economy running at or near full throttle (Investor Glossary 2009).

The principal aim of a government is to reduce the rate of unemployment in the economy by framing correct policies, encouraging the growth of different sectors of the economy such as agriculture, industries, and services and by allocating resources into these sectors. The effort by the government ensures growth with a rise in the GDP of the economy and the proportionate rise in employment (Barr,, 2009). This is a straight subject matter of macroeconomics. Besides this aspect, there are many other inter-related aspects that have an indirect connection with the subject ‘Employment’. For example, new technologies and lifestyle changes, which are likely to increase the number of temporary works, contractual works, and may add to the self-employed workers, can make it difficult to tackle unemployment problems. The problem of unemployment can be broader or be just local, urban or rural, seasonal or perennial. Each problem has to be tackled on different planks with different measures.

South African labour market is beset with the problem of racial character and local wage problem (Fassler and Knight, 2001). Unemployment in Indian rural sector is vast with the large number of workers lying idle. Government of India has to come with guaranteed hundred day’s minimum rural employment schemes to tackle this problem.  ...Download file to see next pagesRead More
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