Unemployment and lack of economic opportunity

Unemployment is when a person or people who have the capacity to be employed are looking for a job but unable to find at an existing wage rate. Many bright minds find themselves unemployed and therefore endangering the future of the global economy. After conducting a research on this, the roots to unemployment are linked to culture-for example females not being given a chance to have same education with males or also in places of employment. Also, unemployment is linked to unfavorable conditions in the economy of a country or political interference with economic activities. Unemployment and poverty is linked to low self-esteem, depression, stress, increased chances of a person discounting the future within himself or herself, involvement in drugs behavior and suicide. Being unemployed reduces the proportion to which a person recognizes earned entitlement in the sense that an individual fails to recognize the right to consume, keep or to dispose that which was gotten through his her own efforts (Wiczer, D. 2017). Unemployment has diverse negative effects to the people and the economy such as food insecurity, posing of personal problems to people hence costing them, earning huge losses to the unemployed cases of long unemployment duration, questing for policy making and straining unemployment insurance  reserves hence stretching the economy.

Annotated bibliography
Arko-Achemfuor, A. (2016). Addressing the challenges of food security and youth unemployment in South Africa through land reform policies. Environmental Economics, 7(3), 52-59. https://doi.org/10.21511/ee.07(3).2016.06
The author of this paper tried to analyze certain approaches, mechanisms, programs and policies concerning policies on land reforms that were employed in South Africa, many of which were not efficient as it was purposed adding to the fact that the youths were not considered in the policies and programs (Arko-Achemfuor, 2016). The apartheid policy in South Africa in the past has been one of the factors that led to some of the socio-economic problems the country is facing currently. The challenges among others encompass, high poverty standards, heightened inequality and high levels of unemployment among many portions of the population. The South African constitution put in place property and land rights as mechanisms for tackling some of these problems, meeting proper living standards and ensuring food security as a way of handling the challenges of unemployment. Policies were put in place as a remedy to this concern but it is noted that the policies employed by government did not give the expected outcomes. The author defends for the youth to be considered into all land reforms and food security policies and programs so as to motivate them and challenge them to adopt agriculture as a career choice. This will increase food security and also reduce unemployment and poverty among youths in South Africa.
Blaustein, A. I. (2017). The human cost of unemployment 1981 149. The American promise, 69-84. https://doi.org/10.4324/9781315082523-5
The author of this article tries to find out the effects of unemployment problems faced by people in the United States of America. The aspect of painless unemployment is important as it assists to prove acceptance of recession by the public as an essential public policy tool (Blaustein, 2017). The concept for relative painless of current unemployment relies on the assumption that, due to growth of government accomplishments, unemployment no longer leads to momentous economic dispossession (Blaustein, 2017). Findings held that measuring consequences of unemployment on a person is not easy but there is significant correlations between unemployment and certain personal problems. The problems are, psychological harm, criminal behavior, instability in a family and poor health. Unemployment had shown effects on the issue of depression and other problems associated with psychological harm. The relationship between unemployment and mental health have relied so much on stress. The research showed that suicide rate has been closely associated with unemployment change over a period of time that it is among the reliable gauges of the United States economy.
Hvinden, B. (2019). Implications for policymaking. Youth Unemployment and Job Insecurity in Europe, 231-252. https://doi.org/10.4337/9781788118897.00019
The author tries to find out the implications of for policy making so as to improve job security among the unemployed youths. With the beginning of an economic recovery, unemployment among youths, NEET rates and non-standard forms of employment for youths were still high in a lot of European nations (Hvinden, B. 2019). The heavily affected groups were low-skilled and those from an immigrant category. However, policy incentives were employed by the European Union and national levels to capacitate the conditions of the youths in the job industry. Young women were found to be more susceptible than young men to be insecure in the job market. Those affected by job insecurity were likely to experience long-term negative serious effects in the form of poorer prospects in employment. To address this issue, the author finds out that wide mix of national policies were considered including active labor market policies (ALMPs), education policies, employment protection legislation (EPL) and unemployment income protection. Furthermore, roles of regional and local government were looked at in sustaining and making young people capable to employ their efforts in advancing their employment prospects.
O’Leary, C. J. (2020). States lack adequate unemployment insurance reserves. https://doi.org/10.17848/pb2020-22
The author tries to find out lack of enough unemployment insurance reserves leads to increased layoffs and reduced hiring in the United States of America. In order to pay Unemployment Insurance (UI) benefits to workers who lose jobs, reserves are held by the states in accounts at the U.S. Treasury (O’Leary, C. J. 2020). When recessions come, and works lose jobs, the reserves are consumed fast. Research proved that after drawing on the patterns of States’ benefit receipts and tax receipts as seen in the past 45 years to induce UI reserve sufficiency under the conditional case of mild, moderate or serious recession coming up in the following months. The findings held that a recession as austere as the average of those happening since 1974 would lead 18 states to deplete UI reserves leading to borrowing so as to pay regular UI benefits. Unemployment insurance benefits are boosted by taxes paid by employers on employees’ payroll part known as the taxable wage base. Huge wage base allows higher accumulation of reserves so that when unemployment heightens, states do not need to raise taxes to pay benefits. Raising taxes has an effect of increasing layoffs and reducing hiring.
Wiczer, D. (2017). Earnings losses through unemployment and unemployment duration. Economic Synopses, 2017(13). https://doi.org/10.20955/es.2017.13
The researcher tries to analyze how the employment duration impacts the size of losses. Workers that lose their jobs go through a number of difficulties while in the state of unemployment. Besides losing of jobs, they also suffer loss of income and happen to make less in the next job they may secure. Unemployment may tend to show that the unemployed was laid off for a purpose and is not more productive than their prior wage in demand according to the next employer (Wiczer, 2017). A worker who has been without a job for a long time may be tempted to take any available job however much bad it may be. A longer search time, however, enables the worker to find an appropriate job and a better pay in the next employment. The researcher analyzes scientifically earnings losses across the course of unemployment asserting that the longer the unemployment spell, the higher the loss. The researcher uses the survey of income and program participation (SIPP) from 1996 to 2012. The database is distinct as it uses a high-frequency panel, suggesting that it considers the same people for several periods and requests for information relatively more often. The respondents give an account of their earnings every after four months after staying in the survey for up to four years. The findings hold that, for those in unemployment spell for one month have approximately zero losses. Those unemployed for a year, their following job pays around 60% lee than their previous one.

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