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


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Unemployment

*****

Introduction

Causes of Unemployment a) The four components (Cyclical, Structural, frictional and seasonal components) 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 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

*****) Conclusion

*****

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

Introduction

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

Causes of Unemployment

There are several causes for 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 ***** unemployment ***** but also creates an increase in inflation. Likewise a decre*****se in total demand will result ***** an ***** in ***** rate *****d decreasing 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].

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

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