Unemployment rates and the affects on economy

Unemployment Rates and the Affects on Economy Unemployment has always been a bane on the face of any society and indeed the economy of the world. Itis this nuisance which has created problems for the people left, right and center. The world unemployment rates have drastically increased over the years, and this is the reason why it is being continuously kept under a check by the people who study it and examine it for their own perspectives. The rate of unemployment is indeed a measure of the unemployment prevalence and is calculated as a percentage which is by dividing the unemployed individuals by the number of employed people within the working labor force. The effects on the economy when it comes to unemployment are severe. This is because the people who are unemployed have to be dependent on the state and the working force which exists within a region, locality or a country for that matter. The role of the government is immensely significant because it needs to make sure that the negativities within the employment domains are kept at a safe distance and that people get recruited in different companies and organizations so that the unemployment rate comes down drastically. It is a fact that unemployment mars the basis of an economy not because it creates more dependents but also due to the reason that many individuals increase exponentially over a period of time that do not have jobs and would like to be a part of this fraternity. This is the reason why unemployment rates have steadily increased over the years and there seems to be absolutely nothing that can be done to make sure that the people remain contented with whatever little they have within this day and age. Unemployment is such a big issue that it has changed the face of the world, and that too for worse. The consequences and the eventual solutions need to be found out as to the basis of unemployment in the real sense of the word. If all of these problems are understood, then only one can move forward and find the real basis of unemployment that exists within any economic setting of the world. The social effects of unemployment are also very significant because it puts the individual under question in a social distress. He meets fewer people if he is unemployed and more prospective employers. When there are issues within the society as per the unemployed people that are present, then the element of getting used to it becomes even more pivotal. The unemployment rates are determined in an economy by taking a look at the people who are sitting idle and not doing anything. Also the factors comprise of those individuals who would like to be a part of an organizational setting but cannot see the light of the day due to a number of reasons, most quintessential of which are the bad job markets that are existent everywhere now. What deems more important role here is that the government must be ready to change its laws with regards to unemployment so that the people at large could be benefited on a number of different counts (White, 2001). This will ensure that they remain happy and satisfied with their respective ranks and look up to the concept of a welfare state for meeting all their pertinent needs and desires. The economic settings should always be understood within the broader contexts because this is something that shall pave the way for future domains of the unemployment discussions. It is a fact that the rate of unemployment is directly proportional to the condition of the society and more particularly its people. The dependents in a family have to bear the brunt because they are already relying on someone within their family and if this person misses out on employment due to a number of reasons, then the entire home framework gets disturbed. This has to be understood by a number of dimensions, most important of which are the role of the government and the economic domains that exist within any society of the world. All said and done, unemployment is indeed a Herculean problem that needs to be taken into consideration by the economists because it is linked up with the economic settings of any country in this day and age. It just cannot be denied its due right within the related settings and must therefore be relying heavily on how well the relevant steps have been taken by the people who are at the helm of affairs within such comprehensions. Works Cited White, Graham. The Poverty of Conventional Economic Wisdom and the Search for Alternative Economic and Social Policies. The Drawing Board: An Australian Review of Public Affairs, 2001