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


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Unemployment

Outline

Introduction

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

Unemployment ***** National Debt

*****) Unemployment Benefits

Unemployment Insurance

Extended benefits (TEUC)

Trade Adjustment Assistance (TAA)

Personal Reemployment Accounts (PRA)

6) Personal ***** of Unemployment

Financial Strain

Psychological effects

Effects on family

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

*****

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

Introduction

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

Causes ***** 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 *****. As per their hypothesis, an increase in total demand does not just result in a decrease ***** unemployment ***** but also creates an ***** in inflation. Likewise a decrease in ***** demand will result in an increase in unemployment rate *****d decreas*****g *****. There always exists a periodic 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 *****creasing dependency on ********** programs of unemployment relief or public works." [Heilbroner, 120]. Furthermore 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 *****. Employer initiated lay*****fs are observed to ***** on the rise over ***** last decade. Outsourcing of ***** to other developing countries is one

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