Causes of unemployment

by | Aug 25, 2021 | Assignment Help

Prepare and submit a paper on causes of unemployment. As the rate of joblessness is becoming more prevalent in all the areas of the globe, it is not surprising at all that the socio-economical scientist are developing interest in it and learning more about its causes. This helps in finding results to be used in mitigating the monetary and social consequences. Primarily, they learn to distinguish between the voluntary and the involuntary induced type of unemployment (Clark & Summers 2012, pp.43). The most frequent causes of unemployment accounts for the huge figures recorded are the involuntary causes by nature. This is because, all concerned people got out of work because of the cynical, or structural conditions of the working places. Both do take place when demands in the labor marketplace can no longer be accommodated. Structural unemployment often does come from the shifting economy that in turn makes it hard for particular segments of the societal population to find new working places or retain the jobs they use to do before. Economists reveal there exists a mismatch between the available jobs and the skill level of the unemployed population in society. The industrialization process, which occurred in the second half of the eighteenth century and the recent digital revolution, are among the many examples of the cause of the structural unemployment when the working places experience advances in technology. Those labor-saving inventions have been replacing the workers who are unskilled leading to a drastic fall in the labor demand (Gillespie, 2014). Besides the broad and specific explanation that is accepted for unemployment, economists still bring forth the argument that cyclical factors can also result in high rates of unemployment, forgoing hand in hand with the business cycle. When the GDP (Gross Domestic Product) is high, the lower will be the cyclical rate of unemployment at the business cycle peak, and vice versa is true. For example,& the recent recession, which took place simultaneously in several countries such as Spain, Portugal, and Greece, their economic outputs in the markets were declining and were below full capacity as the aggregated demands were falling.&nbsp.

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