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Unemployment and Economics - Essay Example

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While on the one hand some of the largest populated countries like China and India, the rates of unemployment are quite high, for a well developed nation like US too, the rates of unemployment stand at 4.7% as per the figures1 of September 2007…
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Unemployment and Economics
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Unemployment and Economics

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Unemployment is the problems which affects almost all countries in differing measure. These companies have been able to figure out equivalent quality standards at cheaper rates in these countries, as a result the employment levels are increasing in these countries. The proponents of Liberalization and globalization claim that globalization has opened up newer vistas of trade and business all around the globe. It is said that opening up of economies has now tilted the balance in favor of market forces, which is helping the consumer by way of providing quality at reasonable prices. As a result, the market forces have started dictating the policies with the role of respective governments becoming limited, generally in determining the nature of imports and exports. It is now the MNCs who are effectively dictating the policies to the governments. This is one reason that the governments are not being able to interfere effectively in tackling the growing unemployment in some of the developed countries. The international labor organization (ILO) has now started playing an active role in the employment of young people. The framework of the United Nations Secretary-General's Youth Employment Network and the 2002 United Nations General Assembly resolution on "Promoting youth employment" lays an emphasis on this very aspect.
The United Nations has also come out with a set of Millennium Development Goals (MDG) with an aim to see all round development in the world. The MDG number 8 in particular has set an ambitious target for the development and implementation of strategies for decent and productive work for youth, in collaboration with developing countries.

The level of unemployment is in fact directly related to the economic activities prevailing in the country. If the economy is doing well, more companies will be investing in expansion/diversification of their business venture. This will result is more job opportunities for the youth. Available resources will be used efficiently when they are devoted to their most important or productive uses2. Available labor is also a form of resource and increasing levels of unemployment results in leaving this resource as unused or underused. For this very reason economists term the unemployment issue as an economic problem, as it is an instance of a failure of the effective use of available resources. The two major views3 on unemployment are:
The "Keynesian" view of Unemployment: It states that Unemployment is an excess supply of labor resulting from a failure of coordination in the market economy.
The "Classical" view of Unemployment: It states that unemployment is job search for people engaged in the productive work of looking for a better match between worker and employer.

Tracing the history of unemployment in Unites States since the early 20th century, it is found that the level of unemployment was negligible during the late 1920s, but the rates have been on the rise thereafter, owing to various circumstances. The unemployment rates have kept varying all these years owing to a number of circumstances. Some such circumstances are;
i. The great depression of 1930s: United States of America could boast of a level playing field for all before 1929, because literally nobody was jobless. But events took a nasty turn after the infamous stock market crash of 1929. This depression is said to be the longest economic collapse in the history4 of the modern industrial world, lasting from the end of 1929 until ...Download file to see next pagesRead More
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