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…
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 ...
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(“Unemployment and Economics Essay Example | Topics and Well Written Essays - 1500 words”, n.d.)
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(Unemployment and Economics Essay Example | Topics and Well Written Essays - 1500 Words)
“Unemployment and Economics Essay Example | Topics and Well Written Essays - 1500 Words”, n.d. https://studentshare.net/sociology/291788-unemployment-and-economics.
Unemployment rate has been projected by the International Labor Organization to be 6.1 percent which is equivalent 203 million people in 2010 and most likely to remain unchanged in 2011 (UN News Center). In the U.S., Goodman portrays in his report a worst unemployment scenario where only 2.4 million full time permanent jobs are available in the U.S.
In March 2011, the unemployment rate stood at 8.8 percent. In contrast, the consumer price index, considered to be the most common and credible measure of inflation registered a modest rise of 0.5 percent. This indicates that there exists realistically speaking, no inflationary pressure in the economy.
Over the years, the labour market performance in France has been regarded as unsatisfactory. The first oil shock and the beginning of recession in 1974 marked a continuous rise in the employment rate of France. This was from just below 3% in 1973 to a 10.7% peak in 1987.
One must be aware of the technical and definitional pitfalls in a controversy over American employment statistics, which is involved in a preparation of series of a single unemployment rate. It is one of the arduous jobs to compare unemployment rates within a country as it consists of huge amount of statistical data.
IKEA is one of the world’s largest produces and retailer of high quality, but inexpensive furniture. Its leadership in the industry may also be attributed to it’s believe that furniture should be packaged like any other product in retail store and assembled by customers from home.
Classical economics or neoclassical economics focus on rigidities in the labor market caused by the operating laws such as minimum wage act, taxes, and other regulations that restrict employers to hire more workers in the job. There are many who accept unemployed status voluntarily because of unsatisfactory employment available.
United States Bureau of Statistics announces unemployment data in the start of each month. The report encompasses unemployment counts in all the sectors of economy. The Bureau conducts surveys through interrogating households and perusing data