Unemployment A Social And An Economic Threat - 1127 Words

In the current world, there are many social issues such as vandalism, racism, obesity and prejudice. However, unemployment has become the most histrionic one. Unemployment is both a social and an economic condition. Unemployment is the state where individuals seeking jobs remain un-hired. Unemployment is a global reality where both the developing and developed countries suffer from it. As time goes the condition of unemployment is being worse. Unemployment has become both a social development and a global economic threat. According to the International Labor organization (ILO) report released in 2007, more than one people are working on low wage or are underemployed, as another 178 million is unemployed (Assaad Roudi-Fahimi, 2007). In 2009 the number of unemployed people increased to 212 million. There are many causes that have contributed to unemployment. Some of the key concerns of unemployment are increase in technological change, population increase, increasing cost of item s and lack of education. This essay aims at discussing some of the major causes of unemployment and connects them with certain long lasting effects such as psychological, financial and social problems. There are five different types of unemployment: seasonal unemployment, cyclic unemployment, frictional unemployment, classical unemployment and structural unemployment (Wagner, 2014). The state of unemployment depends on certain economic conditions along with other related factors. 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