Why Unemployment Is Important - 1384 Words

5.8 percent is the current unemployment rate for the month of October in 2014 in the United States. Why talking about unemployment is important? Well, information about unemployment and other market forces will be very helpful to the reader when the time of talking and explaining how the neoclassical economics, market forces operating in the labor market, assure that the economy will not suffer from prolonged bouts or periods of high unemployment occurs. Economists define unemployment as: a person who is willing to work at the current wage being paid for people with his/her skills and experience, but is not employed. The key word in the definition for unemployment is â€Å"willing† to work because a person who chooses not to work is not considered unemployed. And it is no included in the labor force neither. The labor force only includes employed and unemployed people. This paper will mention the market forces in the labor market that assure that the economy will not suffer f rom a long period of high unemployment according to the neoclassical school of thought, also the criticism made by Keynesian of the neoclassical position, as well as why a market economy can find itself in a state of prolonged levels of high unemployment that market forces cannot cure, according to the school of Keynesian economics. One very important quality of economics is that it is constantly developing new ideas by new people. There is no a right or wrong theory but more likely a does it fit in myShow MoreRelatedWhy Unemployment is Such an Important Issue?4436 Words   |  18 PagesDiscussing why unemployment is such an important issue for governments and how it can be tackled in urban areas. AUTHORED BY Simon D. Ojera CONTENTS PAGE 1.0 Introduction†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦....†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦...1 2.0 The Concepts of Unemployment†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.1 2.1 Definition..†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦...2 2.2 Causes of Unemployment†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦...†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦3 3. Effects of Unemployment†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦...10 4. Tackling Unemployment in UrbanRead MoreUnemployment Rates And How It Affects Our Wages906 Words   |  4 Pagesessay is going to be about unemployment, unemployment rates and how it affects it affects wages. Unemployment is defined as by the U.S. Bureau of Labor Statistics as â€Å"people who are jobless, actively seeking work, and available to take a job.† This means that if you are not looking for a job or you are not attempting to find one then you are not a part of the labor force. In the labor force you are either unemployed or employed or even discouraged. Unemployment rate is important today because it showsRead MoreNot Just A Paycheck By Film Review908 Words   |  4 Pagesgood life passes to be a low income family. Not just a Paycheck from Unnatural Causes describes how unemployment, and change on class income can transform people s health. The film presents how a middle white family started seen discrepancies among being working class and the rich. 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You should state the three reasons why great civilizations and societies fall. There are three main reasons, all stemming from that fact that humans destroy what theyRead MoreNazi Propaganda1268 Words   |  6 PagesWas the Great Depression was the catalyst for the growth of Nazi support? The Great depression of 1030 left Germany’s economy badly damaged. During the early 1930s Germany experienced a time of economic downturn. Unemployment was high and the economy was failing, many Germans could not even afford basic necessities such as food. This essay shall discuss whether the Great Depression was the catalyst for the growth of Nazi support. It is obvious that many Germans suffered because of the depressionRead MoreA Plan Of Investigation At Englewood Wasn t Always The Number One Most Violent Neighborhood1575 Words   |  7 Pagesway due to unemployment rates and gangs evolving throughout chicago . 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