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Economics 2 - Essay Example

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The comparison in economic performances of the United Kingdom and Italy using unemployment and balance of payment benchmarks reveals a gamut of social, cultural and regional uniqueness in both economies. A close study provides interesting facts. The UK is the 5th largest economy in the world and following closely is Italy in the 6th position…
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Economics 2
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Download file to see previous pages The stark contrasts in these unemployment figures reveal causative features in these two diverse European economies.
The UK has a rich tradition of work culture resulting in high economic activities and thereby yielding low unemployment figures. The activities comprising employment turnover in UK is generally well coordinated ensuring better chances of employment for the unemployed while moving from one job to another in short period of time within the financial year. The job market is upbeat with healthy prospects for part time and contract employments.
The availability of employment, however, does not per se serve as criteria for better quality economy. The parameters for economic excellence extend beyond the precincts of the employment factor. Advancing technologies, changing business practices, communication and information systems, globalization, etc. require adequate qualified and trained manpower.
The lack of adequate education and training among significant number of job seekers in UK to meet the growing demands of the industries is the mitigating factor in UK's economy. This factor is problematic for employers on the lookout for candidates possessing the right educational qualification and skills. Nonetheless, organizations such as Learning and Skills Councils (LSCs) have taken up the responsibility of providing ways and means for continually educating young adults over 16 years of age and also providing them with job-specific training.
One of the major causes for unemployment in the UK can be attributed to the insufficient availability of prospective candidates possessing the right educational qualifications and skills. Other reasons may comprise job seekers' lack of motivation or disproportionate expectations. Still, other factors may relate to the job market situation of the day necessitating lay off, etc. Also, changing or leaving jobs for better prospects could leave some people without employment for some time. Advancing technologies is another reason for unemployment. Technologies and communication systems are changing the way we work the world over. Job competition in such situation causes employers to seek out hard working, efficient candidates for various posts leaving less efficient or motivated individuals jobless. (Tim Miller)
Unemployment in Italy
The unemployment scenario in Italy is spread unevenly along the lines of region, gender and age.
Unemployment among the female workforce is approximately 14.4%. It is 8% for the male working population. Given the fact that Italy espouses conservative social values, many female young adults choose to stay home if safe and secure jobs are not available. Unemployment among ...Download file to see next pagesRead More
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