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 *****) b) Increased productivity c) Globalization, Outsour*****ing

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

4) Effects of Unemployment

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

***** and ***** Debt

*****) Unemployment Benefits

Unemployment Insurance

Extended benefits (TEUC)

***** Adjustment Assistance (TAA)

Personal Reemployment Accounts (PRA)

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

Financial Strain

Psychological effects

Effects on family

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

*****

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

Introduction

***** is one of ***** major economic problems affecting a nation. The United *****s, one of the vibrant economies in the world currently suffers from a huge unemployment crisis with more than 8 million people 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 of 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, which in turn ***** resulted ***** higher burden for ***** tax paying citizens. Let us analyze the underlying causes for unemployment, the unemployment support ***** provisions offered by ***** government and the effects of unemployment on the individual as well as the ***** ***** as a whole.

Causes of Unemployment

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

Economists ***** studied that an increase in productivity ********** an increase in the labor force will both worsen ***** unemployment situation. As economist Heilbr*****r observes, "On the domestic front, they include a technology of rampant au*****mation that has created severe employment strains in all advanced countries..The ***** is prospective increasing dependency on government-financed programs of un***** relief or public works." [Heilbroner, 120]. Furthermore unemployment situation can be worsened ***** 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 nati*****al *****. Employer initiated layoffs ***** observed to ***** on t*****e rise over the last decade. Outsourcing of jobs to other developing countries is one

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