Economic cost of unemployment essay example

Share Unemployment is universally recognized as a bad thing. While economists and academics make convincing arguments that there is a certain natural level of unemployment that cannot be erased, elevated unemployment imposes significant costs on the individual, the society and the country. Worse yet, most of the costs are of the dead loss variety where there are no offsetting gains to the costs that everyone must bear.

Economic cost of unemployment essay example

Essay on the Causes of Unemployment Article shared by Essay on the Causes of Unemployment — The problem of unemployment is becoming a colossal one. Various factors, individual as well as social, have caused this problem. Here the causation is not one-sided.

For example, unemployment is often the cause of poverty and some other time, its consequence also. Hence, tracing the causes of unemployment is a difficult task. Mamoria lists out the causes of unemployment in India in the following way: As a result, employment opportunities could not be generated on a large scale, during the British rule.

This situation continued up to the end of their rule in India. For example, our population in was It has reached a record figure of This added to urban unemployment. Madan speaks of two main types of causes of unemployment: Age factor fixes limitations on the range of choice of job opportunities.

Too young and too old people are not eligible for many of the jobs. Some young people due to their inexperience, and some old people due to their old age, fail to get some jobs. Young people do not get jobs soon after their studies. They will have to wait.

People who are above 50 or 60 years are less adaptable and more prone to accidents. Their capacity to contribute to economic production is also relatively less.

Many of our young people do not have a proper understanding of their own aptitudes, abilities and interests on the one hand, and the tasks or jobs or career they want to pursue, on the other. Employers are always looking forward to find persons who have the ability, experience, interest and physical fitness to work.

Economic cost of unemployment essay example

Sometimes, there may be more men trained in a particular profession than required. The demand is less than the supply, and hence, unemployment. Due to the inborn or acquired disabilities or deficiencies some remain as partially employed or totally unemployed throughout their life.

Illness induced by industrial conditions and the fatal accidents that often take place during the work may render a few other people as unemployed. The population in India is growing at an alarming rate.

The Costs to the Individual

Every year India adds to her population to lakh people afresh.The economic welfare of any country depends on the rate of the economic growth. There are several determinants or the factors for the economic development of a country like industrialization, agriculture, population, employment etc., one of the major indicator for the economic growth is employment rate, as it has an adverse impact on the whole economy.

Database of example Economics essays - these essays are examples of the work produced by our professional essay writers. Example Essays; Example Coursework; Example Assignments; How to Write an Essay; Promotion and Management of Economic Development. This essay discusses the ability of the governments in .

Unemployment Inflation Essay Sample Year after year, the economy of the United States changes and the statistics begin to vary. Measuring economic activities might sound like a straight forward and uncontroversial task, but this is not always the case.

Take the example above of the individual who could work for $ an hour or collect unemployment insurance of $ per hour.

The cost of unemployment to this unemployed person was only $ per hour, the difference between the net income from working and the net income from not working. Economic and social costs of unemployment include lost income, costs to government, and costs to society in general - alienation, increased crime, relative poverty.

Home > Macro Economic Notes and Essays > Unemployment > Economic costs of unemployment. One study shows that the cost to the Exchequer for one person . High unemployment rate in a country leads to social and economic problems in the community as a whole.

Economic problems result in less production of goods and services, less distribution of income, loss of tax revenues, fall in GDP rate etc. (iridis-photo-restoration.com).

Essay on the Causes of Unemployment