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 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)

Unemployment ***** ***** Debt

5) Unemployment Benefits

Unemployment Insurance

Extended benefits (TEUC)

Trade Adjustment Assistance (TAA)

***** Reemployment Accounts (PRA)

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

Financial Strain

Psychological effects

Effects on family

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

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*****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 ***** negative psychological implications and damaging ***** on ***** family structure.

Introduction

Unemployment is one of the major ***** problems affecting a nation. The United States, one of ***** 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 and a booming economy, *****re started a period of recession. Unemployment rates reached a recent high of 6.1% in June 2003. The loss of ***** *****nd the extended unemployment ***** have created additional strain on the already deficient federal budget, ***** in turn has resulted ***** higher burden for ***** tax paying citizens. Let us analyze the underlying causes for unemployment, the unemployment support and provisions offered by the government and the effects of unemployment on the individual as well as the ***** ***** as a whole.

***** of Unemployment

There are several causes for unemployment situati***** in any market driven economy. According to economists Friedman and Phelps, any nation 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 in unemployment rate but also creates an ***** in inflation. Likewise a ***** in ***** dem*****nd will result ***** an increase in ***** rate and decreasing *****. 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 have studied that an increase in productivity *****d an increase in the labor force will both worsen ***** unemployment situation. As economist Heilbr*****r observes, "On the domestic front, *****y include a technology of rampant au*****mation that has created severe employment strains in all advanced countries..The result is prospective *****creasing dependency on ********** programs of unemployment 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 nati*****al *****. Employer initiated layoffs are observed to ***** on the rise over ***** last decade. Outsourcing of jobs to other developing countries is one

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