...Introduction The economic wellbeing of any nation relies on upon the rate of the financial development. There are a few determinants or the components for the monetary advancement of a nation like industrialization, agribusiness, populace, and livelihood and so on; one of the real marker for the financial development is business rate, as it has an unfriendly effect all in all economy. At whatever point there is high level of business rate the creation enhances in this manner expanding the expectation for everyday life (Manning, 2009). High unemployment rate in a nation prompts social and financial issues in the group in general. Financial issues bring about less generation of products and administrations, less appropriation of pay, misfortune of expense incomes, and fall in GDP rate and so on. Social issues cause's social ills and shows impact on people monetarily and mentally. People can't meet their money related commitments on time and getting high stretch which prompts issues like sick wellbeing, unexpected passing, suicides and so forth. Discussion The United Kingdom economy has experienced greatly unstable times lately and is currently confronted with numerous difficulties (Dolton, & O'Neill, 2002). Presently the economy is in a state of moderate recuperation, a long way from the levels of development accomplished in past years. The late managing an account emergency has highlighted numerous issues which have gotten to be territories of immense open deliberation and strategy...
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...A strong flexible labor market How did the reforms of the last decade impact the unemployment rate in Germany? – A strong flexible labor market When Gerhard Schröder took to the podium in the Bundestag on March 14th, 2003, Germany was called the “sick man of Europe”. A widespread assumption was that unemployment could never be defeated, The Economist Introduction: The German labor market experienced remarkable transitions during the past decade. In the beginning of the millennium, Germany was a country with an unemployment rate (see appendix 1) ranging between 9.5% and 11.5% (Deutsche Bundesbank) with almost 39 million people employed all over the country (see appendix 2). Until the beginning of 2003, the governmental support to unemployed people consisted of three main patterns: unemployment insurance, unemployment assistance, and supplementary social welfare. Supporting these three pillars, Germany was suffering high costs with long-term unemployment benefits, low job acceptance rate and bigger proportion of low-skilled labor. Between 2003 and 2006, the German federal government implemented series of reforms aiming to impact the supply side of labor by increasing incentives for unemployed workers to accept jobs and reducing the level and duration of their benefits. With this research paper, we will analyze the impact of these reforms in the unemployment rate. The Agenda 2010: The agenda 2010 was a series of reforms organized and executed by the federal government SPD and...
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...Unemployment and its Social Impact Introducing Sociology IP 1 Abstract This paper is going to explain the many issues with unemployment and its social impact. Being unemployed is hard on very many people and this paper will explain the many reason things tend to happen because someone is unemployed. Unemployment is hard on everyone in today’s society. When many people are unemployed crimes start to rise because many people feel that robbing people and stealing food from stores is the only way they are able to survive and by doing this many people do not realize they are not the only ones being hurt by their actions. I am a full time college student who is unemployed and this is very hard for me especially being a young lady who wants things. Luckily I have wonderful parents who are willing to help me as long as I continue to do the right thing and stay in school. Being unemployed has a major impact on the society. Having high unemployment rates means that pay rates will be down because there is a higher number of people that are competing for the same type of jobs because they have no option (Sims, 2004). Unemployment also has an affect on the youth as well. Having youth who are unemployed creates a higher reliance on many social programs such as food stamps and welfare. Society impacts the things that go on around myself and other people. Unemployment affects things such as compensation for the FASFA, and the price of food (Algrem, 2008). Stress is a major...
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...the face of cheaper imports of goods and services). Globalisation impacts the labour market through increased completive pressures from abroad and migration. International trade in goods and services has contributed massively to higher standards of living. The mechanism by which this is achieved is specialisation. Domestic industries now compete against foreign firms at home and abroad. Uncompetitive firms will be eliminated by more efficient rivals, which mean higher unemployment in uncompetitive countries. For a small, open economy like Ireland, the solution to unemployment caused by competition from abroad is to capture large economies of scale. This can be achieved by focusing on becoming the world leader and largest producer in a small, specialized segment of an established industry. For instance, supplying specialized inputs for the car manufacturing industry or parts of a computer processor. Another cause of unemployment is immigration. The impact of immigration on the labour market critically depends on the skills of migrants, the skills of existing workers and on the extent to which migrants have skills that are substitutes or complements to those of existing workers. Generally migrants whose skills are substitutes will cause higher unemployment through lower wages while complementary skills have no adverse impact on employment. However, while immigration can result in increased unemployment in the short run, immigrants expand consumer demand for goods and...
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...Dictionaries are not allowed. 1 1. [17 points] Consider a closed economy. Suppose that there is an increase in business confidence. a. Using the IS-LM framework and AD-AS model show graphically the impact of the above event on output, interest rates, unemployment rate, and price level in the short run. Assume that the economy starts at the natural level of output. Please label the initial equilibrium with the letter A, and the short run equilibrium with the letter B. b. If the Bank of Canada wants to restore full-employment output, will the Bank of Canada increase or decrease the nominal money supply? Using the IS-LM framework and AD-AS model show graphically the impact of the Bank of Canada’s immediate intervention to restore full-employment on output, interest rates, unemployment rate, and price level in the short run. Please label the equilibrium with the letter C. c. Now suppose that the Bank of Canada decides not to intervene. However, the Ministry of Finance wants to restore full-employment output. Will the Ministry of Finance increase or decrease government spending? Using the IS-LM framework and AD-AS model show graphically the impact of the Ministry of Finance’s immediate intervention to restore full-employment on equilibrium output, interest rates, unemployment rate, and price level in the...
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...The Impact of Privatization of Public Services on the Public Sector Employment in the U.S. Literature review Privatization is one of the most discussed topics in the modern era of public management. Traditional norms of public management are getting unclear day by day because of the increased consideration for the efficiency and effectiveness of affairs of public sector organizations. One of the way governments adopted to increase the efficiency and effectiveness is the privatization of public services. Varner (2006) in his report titled ‘Government Privatization History, Example, and Issues’ given the definition of privatization as “Privatization is the process of transferring property from public ownership to private ownership and/or transferring the management of a service or activity from the government to the private sector”( Varner, 2006, p. 1). This paper assumes and proposes the privatization as independent variable and analyzes its impact on unemployment. So being an independent variable in a study it is very much appropriate to identify different aspects related to privatization. The significant contribution of Varner (2006) is that he has specified the forms of privatization as; “Complete Privatization, Privatization of Operations, Use of Contracts, Franchising, and Open Competition” (p. 1). In addition, he said that moves address the idea of reason what may be the causes ultimately ends up in privatizing the public entities. The provided list of seven reasons...
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...Negative Impact of Economic Recession By Tejvan Pettinger on September 11, 2012 in economics A recession means a fall in GDP / national output. A recession will typically be characterised by high unemployment, falling average incomes, increased inequality and higher government borrowing. The impact of a recession depends on how long it lasts and the depth of the fall in output. The great recession of 2008-12 has shown many of the negative impacts of recession. Unemployment Not everyone is affected equally by a recession. A fall in GDP will cause a rise in unemployment. This is because: • Some firms will go bankrupt meaning all workers lose their jobs. • In an effort to reduce costs, firms will cut back on hiring new workers. Therefore, unemployment often affects young people the most. In this recession, unemployment in the UK has risen to over 2.6 million, though given the depth of the recession, you might have expected it to be even more (e.g. in 1980s, unemployment rose to over 3 million). However, in Europe, many countries in recession have seen a catastrophic rise in unemployment. With rates of over 20% in countries such as Greece, Spain and Portugal. [pic] Rise in Spanish Unemployment. Source ECB Lower wages Firms will also try to reduce costs by keeping wages low. Some workers (especially temporary workers without contracts may see wage cuts) This has been a key feature of the 2008-12 recession, also aggravated by rising costs of living. With...
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...there is a homeless people on the ramp holding a sign in his hand stating that they need food or money. In today’s economy, unemployment is at an all-time high. Many Americans face issues that impact their way of life, causes stress, and creates financial strain which makes it hard to provide for their family. No one can deny that unemployment has caused an impact of their lives’ or families. There are many American’s who are unemployed due to the three types of unemployment. The three types of unemployment are Structural, Frictional, and Seasonal. Structural unemployment comes from being an absence of demand for the workers that are available. Many people lose their job because the update on technology. Some people are so uses to be “old fashion” when it comes to work they would rather use the old typewriter as well as computers because they just can keep up with the new technology. People that have lost their jobs due to changes in the economic they can take small steps in to learn how new thing works and later see how well they can grasp to the new technology. Next, is Frictional which is unemployment that is caused by people who moves between job, careers and location? These people are the ones that are more likely to make it the unemployment world because they are the ones’ who can adapt to change. The final type of unemployment is Cyclical which is someone is laid off from their job because of growth rate which can cause a recession. One way that they...
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...Topic name Impact of inflation on economic growth NAME: ZARGAM ABBAS Registration: MCM 143001 INTRODUCTION: The major purpose of this study is to examine the impect of inflation on economic on economy growth relationship in the economy of pakistan and to analyze the impact of inflation of gdp growth Pakistan; the unemployment was 3.14 percent in the year 1973; it increased to 3.7 percent in the year 1980, then it started declining and became 2.55 percent in the year 1989. After the year 1989; the unemployment started increasing and it reached to its highest level 8.64 percent in the year 2003he inflation rate changed each year and followed both upward and downward trend. It could be seen from the figure no. 2 for a case of Pakistan Objective: The major objective of the present study is to analyze the impact of inflation on gdp growth in pakistan. It is to evaluate the gdp growth performance and to assess the historical trends of the inflation in pakistan To determine and examine the feasible threshold level of inflation for gdp growth It is needed to exploir if the inflation in the time series caused to reduse the growth of the economy or not Literature Review Wajid and kalim (2007) the impact to test unit root problem and in order to find out the long run relationship among unemployment; inflation, economic growth, trade openness and urban population as share of total population the findings of the study sheds light on the impact of urban population as...
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...topic is especially close to me because like so many Americans that lost their jobs due to no fault of their own, I was also left unemployed through no fault of my own, so I have a vested interest in the outcome of the decisions that our government made on our behalf. This social issue has opened my eyes to the importance of politics and how our votes really do count. It made me realize how significant political policies really impact certain groups of people in different ways and how masterful a party can be by injecting negative influences into the public’s psyche. Review of Literature A study conducted by Daniel Aronson, Bhashkar Mazumder, and Shani Schechter of the Chicago Federal Reserve points out that as we entered 2010, the average length of an ongoing spell of unemployment in the United States was more than 30 weeks. Remarkably, more than 4 percent of the labor force (that is, over 40 percent of those unemployed) were out of work for more than 26 weeks—we consider these workers to be long-term unemployed. In contrast, the last time unemployment reached 10 percent in the United States, in the early 1980s, the share of the labor force that was long-term unemployed...
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...German Unemployment Drops as Euro-Area Inflation Slows Nowadays, unemployment is one of the most important problems we face in economics and society. In recent years the unemployment rate of several countries in Euro increased because there was serious economic crisis. Europe's unemployment rate peaked at 12.2% in 2013. Spain and Greece have high unemployment rate among other. In Spain, the youth unemployment rate was 56% in 2013 and, In Greece, the unemployment rate was 62.5% in 2013. By contrast, German’s unemployment rate has started to decrease after the unemployment rate rose to 11.5% in 2005. Finally it fell to 5% in 2013. This essay covers how German can reduce the unemployment rate, the relationship between unemployment and the reasons, types of unemployment, the effects of unemployment on economy and social and the result and measures of decreasing unemployment. To begin with, we should understand the meaning of unemployment. Unemployment is characterized as a circumstance where somebody of working age is not ready to obtain employment yet might want to be in full time business. And unemployment is divided by four types. First type is Cyclical Unemployment. Cyclical unemployment runs as an inseparable unit with the business cycle. Higher the GDP, easier will be the cyclical unemployment at the peak of the business cycle and the other way around is accurate when the economy is in the trough of the business cycle. Second type is Structural unemployment. It is a well-known...
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...the main impact of the global financial crisis on OECD countries? Why should governments be concerned about the impact, especially in the context of youth? Let us first understand the cause of global financial crisis, his main impact on OECD and then why governments should be concerned about the especially case of youth. The global financial and economic crisis, which erupted in the financial systems of developed countries in the autumn of 2008 by the wake of the collapse of Lehman Brothers, has affected quickly all economies throughout the world (Torres, 2011). In the OECD countries, which are the first affected by the crisis, the main impact was the high level of unemployment generate by job losses, enterprise bankruptcies and cuts in the incomes of millions of people. Indeed, in April 2013, 8% of the OECD labour force was unemployed representing over 48 million people, almost 16 million more than in 2007 (Scarpetta, 2013). Despite the economic recovery in some of OECD countries mainly the United States, this trend could not improve until mid- 2014 so that we can observe a decrease in unemployment again. The governments should be concerned about the impact the unemployment because in general, this phenomenon affect not just the person himself but also his/her family and in the long run the society where he lives, which in turn affect negatively the functioning of the economy. Some of the well-known effects of unemployment on the economy are: * Unemployment financial...
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...American University of Science and Technology Faculty of Business and Economics Graduate Program (MBA) ECO 500- Managerial Economics Unemployment in Lebanon Case Study 2015 Instructor’s name: Dr. Hamdar Student’s name: Ola Al Zein Date: 1/6/2015 Unemployment in Lebanon Case Study Table of Contents 1.0 Abstract 2.0 Introduction 2.1 Study area 2.2 Objective 2.3 Problem Statement 3.0 Review 4.0 Methodologies 4.1 Statistics 4.2 Data 4.3 Figures 4.4Small Case Study and analysis of the methodology part 5.0 Conclusion 6.0 Summary 7.0 Recommendations 8.0 References Abstract This case was conducted during May 2015. It is concerned with the unemployment dilemma in Lebanon that youth are especially facing. It studies the problem from different sides including the migration of the Syrian refugees to Lebanon, the instable political situation, the down economic situation and passes briefly through the stopped plans of exploring gas and oil in Lebanon. It takes into consideration the real situation of unemployment in Lebanon, its reasons and of course; recommendations for the betterment of this particular situation. Introduction: Study Area “ Global job crisis” is perhaps the best word to start with this case study, as the situation was seen by the International Labor Organization in their “World of Work Report 2014:...
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...Unemployment Rate Unemployment rate in a nation can tell how well the nation is doing economically. Unemployment rate has both positive and negative effects on the economy. It also impacts the governments ability to generate income through taxes. It can impact positively where the unemployment rate is low, indicating an economic boom. On the other hand, negative impact arises from high unemployment that indicates poor economic conditions for the country in general. Currently, the United States is experiencing a slow recovery from the economic recession and over the years it seems the recession is subsiding giving way to economic growth. Data showing monthly unemployment percentage has been on a downward trend with some fluctuation from month to month. The unemployment rate in the United States increased to 6.70 percent in February 2014 from 6.60 percent in January 2014. In December of 2013 dropped to 6.7 percent, the lowest since October 2008 ( United States Unemployment Rate, 2013). However, the improvement in unemployment rate may not be driven by increased employment. It could be due to long term unemployed workers giving up on the job search and leaving the job market entirely. The unemployment rate has an effect on the aggregate supply and demand. Unemployment means that fewer people have disposable income to spend on goods and services (zhang, 2014). Lack of spending from the consumers makes it difficult for business to thrive and expand, which reduces economic...
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...Thesis statement: Research indicates that there is drastic increase of crime rates due to the high levels of unemployment, harsh economic conditions population density. Annotated Bibliography Fougère, D., Kramarz, F., & Pouget, J. (2009). Youth Unemployment and Crime in France. Journal Of The European Economic Association, 7(5), 909-938 Fougère, Kramarz, & Pouget have argued that when there is a large number of youths who are unemployed, the country may have increased criminal activities as most of them are idle and thus, they must find different ways in which they can earn a living to cater for their needs. Additionally, the economic also tends to affect the image of the country in terms of crime. The article seems to have facts that are accurate. This is because the author has presented different examples in order to support his arguments.. This author is a credible source because has a PhD in Economics from Univeriste Paris and he is a Professor at Ensae University. The article supports the statistics in the relation between crime rate rise and unemployment. Edmark, K. (2005). Unemployment and Crime: Is There a Connection?. Scandinavian Journal Of Economics, 107(2), 353-373. The main aim of the above article is to address whether there are any connection between the rate of unemployment and crimes. According to Edmark, lack of job may result in a higher rate of criminal acts. This is due to the fact that most of the people seem to be jobless and thus, they may attempt...
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