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


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Unemployment

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Introduction

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

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

4) Effects of Unemployment

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

***** and National Debt

*****) Unemployment Benefits

Unemployment Insurance

Extended benefits (TEUC)

***** Adjustment Assistance (TAA)

***** Reemployment Accounts (PRA)

*****) Personal ***** of Unemployment

Financial Strain

Psychological effects

Effects on family

7) Conclusion

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

Introduction

Unemployment is one of ***** 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 dec*****de of continued ***** consistent growth (1990 to 2000), which saw a growing GDP *****nd a booming economy, there started a period ***** recession. Unemployment rates reached a recent ***** of 6.1% in June 2003. The ***** of productivity and the extended unemployment ***** have created additional strain on the already deficient federal budget, ***** in turn ***** resulted in higher burden for the tax paying citizens. Let us analyze ***** underlying causes for unemployment, the unemployment support ***** provisions offered by ***** government and the effects of unemployment on ***** individual as well as the nati*****al ***** as a whole.

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

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

Econom*****ts have studied that an increase in productivity and an ********** in the labor force will both worsen the unemployment situation. As economist Heilbroner observes, "On the domestic front, they include a technology of rampant au*****mation that has ***** severe employment strains in all advanced countries..The result is prospective *****creasing dependency on *****-financed programs of un***** relief or public works." [Heilbroner, 120]. Furthermore 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 h***** a significant effect on our national economy. Employer initiated lay*****fs ***** observed to be on t*****e rise over the last decade. Outsourcing of jobs to other developing countries is one

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