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Economics
The Effects and Causes of Unemployment
Info: 1476 words (6 pages) Essay
Published: 16th Mar 2021
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Part of: Employment
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Unemployment is an economic condition in which individuals actively seeking jobs remain un-hired.The problem of unemployment is a world-wide reality; the developed countries as well as the developing countries suffer from it. With the passage of time it has become worse especially after the global economic crisis, and it has become a threat to social development, whilst consideration must be given to global economics. The International Labor Organization (ILO) estimates that 178 million women and men are officially counted as unemployed in 2007 and another billion or more people are underemployed or working low wage jobs. These numbers has increased to 212 million in late 2009. There are many causes contribute to this global key concern such as increased population, rapid technological change, lack of education or skills and rising cost.This paper discusses the major causes of unemployment and associates them with long-lasting effects that include financial, social and psychological problems.
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