Essay - Unemployment Outline Introduction Causes of Unemployment A) the Four Components...


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Unemployment

*****

Introduction

***** of Unemployment a) The four components (Cyclical, Structural, frictional and seasonal *****) b) Increased productivity c) Globalization, Outsourcing

***** Statistics a) National Unemployment Rates b) State wise Comparison

4) Effects of Unemployment

Okun's Law (Relation between GDP ***** *****)

Unemployment and National Debt

5) Unemployment Benefits

Unemployment Insurance

Extended benefits (TEUC)

***** Adjustment Assistance (TAA)

Personal Reemployment Accounts (PRA)

6) Personal ***** of Unemployment

Financial Strain

Psychological effects

Effects on family

*****) C*****clusion

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Thesis high rate of unemployment has a negative effect on the national economy and greatly affects the living st*****ards ***** the people. Apart from the loss of productivity and the consequent economic downslide, unemployment also ***** negative psychological implications and damaging ***** on the family structure.

Introduction

Unemployment is one of the major ***** problems affecting a nation. The United *****s, ***** of the vibrant economies in the world currently suffers from a huge ***** crisis with more than 8 million ***** in the civilian workforce without jobs. After a decade of continued and consistent growth (1990 to 2000), which saw a growing GDP *****nd a booming economy, *****re started a period of recession. Unemployment rates reached a recent high of 6.1% in June 2003. The ***** of ***** *****nd the extended unemployment benefits have created additional strain on the already deficient federal budget, ***** in turn has resulted ***** higher burden for the tax paying citizens. Let us analyze ***** underlying causes for unemployment, the unemployment support and provisions offered by ***** government and the effects of unemployment on ***** individual as well as the nati*****al economy as a whole.

C*****uses ***** Unemployment

There are several causes ***** unemployment situation in any market driven economy. According ***** economists Friedman and Phelps, any nation at any given point of time, would continue to have a certain "natural rate" of unemployment. As per their hypothesis, an increase in total demand does not just result in a decrease in ***** rate but also creates an ***** in inflation. Likewise a ***** in ***** dem*****nd will result ***** an increase in unemployment rate *****d decreas*****g inflation. There always exists a ********** oscillation in aggregate demand and hence a consequent flux in unemployment *****, which is referred to as cyclical unemployment. [Paul Krugman].

Econom*****ts ***** studied that an *****crease in productivity and an increase in the labor force will both worsen ***** unemployment situation. As economist Heilbroner observes, "On the domestic front, *****y include a technology of rampant au*****mation that ***** created severe employment strains in all advanced countries..The ***** is prospective increasing dependency on ********** programs of un***** relief or public works." [Heilbroner, 120]. Further***** unemployment ***** can be worsened ***** government policies such as price control, monopoly privilege to companies ***** even extensive government spending. [Judd W. Patton] The emerging Globalization phenomenon also h***** a significant effect on our *****al economy. Employer initiated layoffs are observed to be on t*****e rise over the last decade. Outsourcing of jobs to other developing countries is one

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