KATILI UNIVERSITY OF NAIROBI WELFARE ECONOMICS PROFESSOR KAMAU Abstract Unemployment can be defined as a state where by people are unable to contribute to the economic growth due to lack of jobs. These people must however be qualified and constantly looking for a job without any success. They therefore fail to secure an opportunity that can enable them to earn their living. Because of unemployment‚ people are unable to contribute to the economic growth‚ not because they are weak‚ but
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How is public debt related to economic growth and unemployment? In this project different economics variables will be compared with each other to see if any correlations between them exist to perhaps explain certain trends and changes in the variables. The three focused on in this report are GDP growth‚ Government Debt and Budget surplus/deficit. There is a huge standard deviation in the data given for GDP. In both 2009 and 2010 the standard deviation was over four and a half times larger than
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The unemployment rate is the number of people actively looking for employment divided by the labour force. The labour includes adults over the age of 16 who are employed or actively looking for work. The unemployment rate fluctuates because the previously unemployed people start looking for work‚ people who were employed lose their jobs and others stop looking for jobs. South Africa’s unemployment rate at the moment is 25.2%; the number of unemployed people is 4526 divided by the labour force of
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Introduction Unemployment is a huge challenge facing South Africa. There are many people who are looking for jobs but cannot find them mostly because of the slow economic growth rate in the country. South Africa faces structural unemployment where people loose their jobs due to introduction of new technology or relocation of the company‚ these economic disruptions have resulted in high crime rates‚ low production and income as well as lost human capital. The NDP has been put in place to solve the
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Inflation vs. Unemployment Inflation and unemployment are two key elements when evaluating the economic well-being of a nation‚ and their relationship has been debated by economists for decades. Inflation refers to an increase in overall level of prices within an economy; it means you have to pay more money to get the same amount of goods or services as you acquired before and the money becomes devalued. For example 10 dollars seventy years ago had the same buying power that 134 dollars have today
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acceleration of its already high unemployment rate. South Africa currently has one of the highest unemployment rates internationally. This is the culmination of a long-term‚ yet steady‚ rise in unemployment that started as early as the 1970s (Seeking and Natrass 2006)‚ but which has rapidly accelerated in the post-apartheid period. South Africa as a developing country has faced a crisis of the high rate of unemployment in recent years. In the South African labour market‚ unemployment has remained a crucial
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COSTS OF UNEMPLOYMENT Some people believe that recessions are neither good nor bad but simply part of the natural survival of the fittest in the business world. Actually‚ it is not true. In The Costs of Unemployment‚ the authors tell us both the good and bad influences of recessions. Recessions will cause unemployment because of the loss of output and GNP. Some people may argue that unemployment is ¡°a part of the functioning of the economy¡±. They are partly right‚ for the unemployment is inevitable
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is this country not blessed? Yet‚ it is still plagued by youth unemployment which had been one of our major problems in recent years. Both government and the private sector had discussed this issue at forums and conferences but have not found a solution to it. Its continued existence had been linked to lack of power supply and financial empowerment for youths. Youth unemployment in Nigeria is mostly referred to as graduate unemployment and this means that only the skilled youths are seen as unemployed
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Unemployment Problem in Bangladesh Bangladesh is a poor country. The country has many problems. Unemployment is one of the major problems on Bangladesh. Unemployment means to remain without work. This problem hampers our all round development. Many causes work behind unemployment. Ours is an agriculture country. People cannot work all the year round. In agriculture there is some seasonal work. After the seasonal work people become workless. As a result they become unemployed. We have a traditional
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............................................................................................................... 8 1 Student ID#00001439 Introduction Advanced Economics BUZE600‚ CW1 The analysis of the effect of the minimum wage on unemployment is necessary in order to evaluate whether minimum wages are effective policy tool for bettering economic state of individuals at the bottom of the income distribution – which is the fundamental objective of minimum wage policy. Topicality and importance
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