The accumulation in population added onto the problem by leaving more people to be replaced by machines and eventually become poor. This generation brought many people and there wasn’t a sure reason on why, but the size multiplied by as much as three sizes (Avery 123). Most explanation on why population built was because of longer life span, immigration, and survival of infants (Avery 120). The men tried to get occupations, but all of the leftover positions were unskilled and still left them not being able to provide anything for their families. Wages were so low that even when one worked, they barely had enough to live on, so without a job there was no money to fall back on.
Skilled merchants were dying by the thousands as well as the consumers so there were less people to make or buy products. The merchants that still continued to work began having products that did not sell and the they lost large amounts of money. Wages went up since there were fewer people to work and farmers were in high demand since there were so many deaths. In addition to wages, the price of goods went up since it was difficult to produce them. According to brown.edu “The economy underwent abrupt and extreme inflation.
They say money cant buy happiness but it can buy these people freedom. This freedom would lead to those who were unhappy to feel better about themselves to be out of the harsh situation they were trapped in. This means that yes; money can in fact buy happiness. The majority of these people go on to create a family in which they struggle to maintain since they dont have a sufficient income. This causes the family to have a cycle of labor; the children in that family would have to start to get any job they can get to help their family out, which leads to them missing out on an education.
When the aggregate consumption falls the investment incentives for the investors also gets reduced. So as a result the national income or the Gross domestic products gets squeezed. We do possess an overloaded supply of human capital, but the quality of this factor of production is quite low that instead of getting benefits from it we are getting worse off. Moreover when a large percentage of youth remain unemployed it represents a situation of inefficient use of this
Since unemployment creates a lack of financial stability, it will eventually lead to poverty. Due to this, those people who are unemployed will have a lower standard of living than those of the people who are employed. This is because they will suffer from lack of regular income to support their basic needs such as food, clothing and health care. This only shows that employment plays a very big role in addressing poverty since if many people will be employed, they will have enough money to be able to support their needs in life. Last 2012-2013, there is an
This is because it would increase the unemployment rate, harm worker health and step up living expense. Minimum wage law tends to have a worse effect on the employment rate. In fact, 90% of the company in Hong Kong is small and medium enterprises and their daily operation is already difficult. By setting up the SMW, those companies are required to follow the law but most of them are not able to afford the extra expenses from pay rise. According to Schmitt (2013), the minimum wage has slight or even no noticeable effect on the employment rate in that the cost generated by minimum wage is large relative to most of the firms.
This became significant because as the bourgeois started improving their machinery and producing more, they did not need skilled labor, and they could hire women and children for a lot less money. With this happening unemployment rose and wages fell, thus putting more people into poverty and starvation. This is similar to what happened in the French Revolution because the oppressed were extremely poor and did not have enough to eat. This caused a want for reform, and therefore, the same could happen between the bourgeois and the proletariats. In other words, the oppressed can only be oppressed for so long before a life or death challenge steps in, and they have to step up to the challenge.
In other words, where a tiny minority have all the money. The features of rich or developed countries for example, is the presence of a middle class, but, recently we have seen even the western countries are gradually losing their middle class, hence the increasing number of riot and clashes. In a society, poverty is a very harmful factor that can destabilize the entire country. Hence, there will be lack of intelligentsia and educated intellectuals to run the country and therefore poverty issue will remain (Poverties, 2011). Besides that, poverty can also cause high infant mortality and annual death rate, increase crime rate since people turn desperate to survive in the face of poverty and
Since unemployment creates a lack of financial stability, it will eventually lead to poverty. Due to this, those people who are unemployed will have a lower standard of living than those of the people who are employed. This is because they will suffer from lack of regular income to support their basic needs such as food, clothing and health care. This only shows that employment plays a very big role in addressing poverty since if many people will be employed, they will have enough money to be able to support their needs in life. Last 2012-2013, there is an increase in the unemployment rate of the Philippines despite the country’s economic growth.
Kenya subscribes fully to Structural Adjustment Programs (SAP) for development. These have had a negative effect on employment patters especially in the civil service where the SAPs have called for cut-backs on government spending with employment freeze and retrenchment being key strategies. Lending rates are out of reach of many people locking them out of self-employment. The local manufacturing industry including ‘Jua Kali’ sector has also not performed due to competition from cheap imports. Unemployment has many effects on individuals.