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Cause And Effect Of Unemployment Essay

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Unemployment is one of the main macroeconomic problems which is becoming the biggest barrier in the development of countries worldwide. The Bureau of Labour Statistics (BLS), which is a unit of the United States Department of Labour, defines unemployed people as those who are jobless and have actively looked for work in the past four weeks. If they don't keep looking for a job, the BLS doesn't count them in the labor force. According to the International Labour Organization (ILO), over 210 million people in the world today are unemployed and much more subsist on the margins of the economy or have jobs that do not provide them with adequate means to ensure their survival. The objective of this paper is to indicate two main causes and two major effects of unemployment in an economy.

One of the main causes of unemployment is technological unemployment. This kind of unemployment in an economy is taking place as a result of technological improvement. Because of the introduction of new technology some products will be replaced by the latest technology. For instance, Kodak imaging products, were replaced by the digital photography. As a result, company …show more content…

Causes and effects of unemployment may vary within in each country, but the main factors of unemployment are technological unemployment and age factors. Unemployment being an obstacle for the economic growth and prosperity of an economy, it has devastating impacts such as criminal affairs and the increasing financial government expenditures as a cost of bearing the unemployed level. The economy of each country depends on the unemployment rate and the higher this number is the economy is less developed. As unemployment is increasing day by day and as it negatively affects most countries, it may have severe effects on the world economy and the whole

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