Anand Project Change

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A

PROJECT REPORT

ON

UNEMPLOYMENT

In The Partial Fulfillment of

MBA Degree

2010-2012

ARYA INSTITUE OF ENGINEERING & TECHNOLOGY

PRESENTDED BY:

SUBMITTED BY:- SUBMITTED TO :-ANAND KUMAR SHARMA Mrs.MINI MAM Mba 2ndnd sem FacultyFaculty


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PREFACE

The underlying aim of the seminar on contemporary issue as an integralpart of M.B.A programme is to give presentation by the students on theissue. The topic of my seminar is UNEMPLOYMENT contains completeinformation about the. Decisions made by managers in response to

common workplace events often have important consequences. Thesedecisions can include dealing with issues related to personnel, resourcesor procedures. A logic-base decision making process requiringsubstantial information search and analysis can be very complex andtime consuming.

ANAND KUMAR SHARMA


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ACKNOWLEDGEMENT

I would like to place on record the tremendous help that I have received

from various people while making this project.

I express my deep gratitude to Mrs. MINI AMIT BAARATIA for acting as

a guide and providing me with continuous support and guidance. Thisreport could have not been possible without the inputs and the words of

advice from her for I shall always be very grateful to her.

I am also thankful to my classmates for their generous help and

contribution to my project.

ANAND KUMAR SHARMA

INDEX


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DEFINATION

INTRODUCTION

TYPES OF UNEMPLOYMENT

RAPID CHANGE IN TECHNOLOGY

CAUSES OF UNEMPLOYMENT

EFFECT OF UNEMPLOYMENT

CHART & DIAGRAMS

THE NAIRU

ARTICLE ON UNEMPLOYMENT

REMIEDIES FOR SOLVING PROBLEM IN UNEMPLOYMENT

NEW DEAL

Bibliography

UNEMPLOYMENTUNEMPLOYMENT


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DEFINATION:DEFINATION:

Unemployment is the state in which a person is without work,available to work, and is currently seeking work. It is a situationwhere there is non-availability of job for the persons. Its is ansituation in which a person who is physically capable, mentallywilling to work at existing wage rate does not find any job and isforced to remain unemployed.

INTRODUCTION:INTRODUCTION:

It involves a waste of human resource and results in manysocial evils like theft, pick- pocketing, robbery, murder etc. Its aserious economic, social and political problem of the country. Itsa cause as well as effect of poverty. The unemployment rate is


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used in economic studies. Rate is determined as the percentageof those in the labor force without jobs.

There are a variety of different causes of unemployment, and

disagreement on which causes are most important. Differentschools of economic thought suggest different policies toaddress unemployment. Monetarists for example, believe thatcontrolling inflation to facilitate growth and investment is moreimportant, and will lead to increased employment in the long run.Keynesians on the other hand emphasize the smoothing out ofbusiness cycles by manipulating aggregate demand.

There is also disagreement on how exactly to measureunemployment. For example, the conservative government,when in power in the United Kingdom, changed the way in whichemployment was measured several times. Each time, the figurereduced (Social Trends). Different countries experience differentlevels of unemployment; the USA currently experiences lowerunemployment levels than the European Union, and it also

changes over time (e.g. the Great depression) throughouteconomic cycles.


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Unemployment rates in the United States (1950 2005)Unemployment rates in the United States (1950 2005)


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TYPES OF UNEMPLOYMENTTYPES OF UNEMPLOYMENT

VOLUNTARY UNEMPLOYMENT:There are some persons in a society who for various

reasons prefer to remain jobless even though there arepossibilities of getting job; some have the desire to have jobsonly of their liking or giving better remuneration than that in theearlier jobs and therefore they prefer to remain unemployed.Such a kind of unemployment is referred to as VOLUNTARY

UNEMPLOYMENT

InVOLUNTARY UNEMPLOYMENT:VOLUNTARY UNEMPLOYMENT:Involuntary unemployment is a situation where a person is

Physically and mentally fit to work and also willing to work atexisting wage rate, but does not get a job. He is forced to remainidle even if he is willing to work.

Voluntary And Involuntary UnemploymentVoluntary And Involuntary Unemployment


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RURAL UNEMPLOYMENT:RURAL UNEMPLOYMENT:This kind of employment prevails ion rural areas. The nature

ofproblem is also complicated. There are only two types of

unemployment commonly found in agricultural economy e.g.India

A)A) SEASONAL UNEMPLOYMENT:SEASONAL UNEMPLOYMENT:In an agrarian economy like India, seasonal unemployment is

themost significant type of unemployment in rural sector. Agriculturelabour in India is mostly dependent on monsoon.


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B)DISGUISED UNEMPLOYMENT:DISGUISED UNEMPLOYMENT:In the rural subsistence agrarian sector of the Indian

economy, the problem of disguised unemployment is also

typical. Disguised unemployment refers to that type ofunemployment in which laborers appear to be working andemployed but in reality, they are not employed as they do notadd to the total output. In other words they are removed fromtheir jobs, output would not decrease.

URBAN UNEMPLOYMENT:This type of unemployment is found in urban areas i.e. towns

andcities.

1) Industrial Unemployment:This refers to unemployment amongst workers in industries

and factories in urban areas. Industrial workers may be skilledor unskilled. Industrial is open unemployment.

2) Educated Unemployment:It is the problem of educated middle class people of urban

society. It means joblessness amongst the graduates, postgraduates, doctors, engineers etc. However this type ofunemployment does not exist in countries world wide. This arespecific type of unemployment that exist only in few countries

especially those in involved in agricultural activities like India.Economists distinguish between five major types ofunemployment, i.e., cyclical, frictional, structural and classical.Real-world unemployment may combine different types, while allfour might exist at one time.


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CYCLICAL UNEMPLOYMENT:CYCLICAL UNEMPLOYMENT:

This type of unemployment exists due to inadequateeffective aggregate demand. It gets its name because it varieswith the business cycle, though it can also be persistent, asduring the Great Depression of the 1930s. Gross domesticproduct is not as high as potential output because of demandfailure, due to (say) pessimistic business expectations whichdiscourages private fixed investment spending. Lowgovernment spending or high taxes, under consumption, or low(or negative) net exports may also have this result. Someconsider this type of unemployment one type of frictionalunemployment in which factors causing the friction are partiallycaused by some cyclical variables. For example, a surprisedecrease in the money supply may shock participants insociety. Then, we may see recession and cyclical

unemployment until expectations adjust to the new conditions.In this case, the number of unemployed workers exceeds thenumber of job vacancies, so that if even all open jobs werefilled, some workers would remain unemployed. This kind ofunemployment coincides with unused industrial capacity(unemployed capital goods).


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Classical economics rejects the conception of cyclicalunemployment, seeing the attainment of full employment ofresources and potential output as the normal state of affairs.

However, it accepts the theory to some extent as fullemployment can never be reached.

FRICTIONAL UNEMPLOYMENT:FRICTIONAL UNEMPLOYMENT:

This unemployment involves people in the midst oftransiting between jobs, searching for new ones; it iscompatible with full employment. It is sometimes called search

unemployment and can be voluntary. New entrants (such asgraduating students) and re-entrants (such as formerhomemakers) can also suffer a spell of frictionalunemployment.

Frictional unemployment exists because both jobs andworkers are heterogeneous, and a mismatch can resultbetween the characteristics of supply and demand. Such a

mismatch can be related to skills, payment, work time, location,attitude, taste, and a multitude of other factors. Workers as wellas employers accept a certain level of imperfection, risk orcompromise, but usually not right away; they will invest sometime and effort to find a better match. This is in fact beneficial tothe economy since it results in a better allocation of resources.However, if the search takes too long and mismatches are too

frequent, the economy suffers, since some work will not getdone. Therefore, governments will seek ways to reduceunnecessary frictional unemployment.

Frictional unemployment coincides with an equal number ofvacancies. Numerically, it is therefore maximal when the labourmarket is in equilibrium. When for instance demand far exceeds


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supply, the frictionally unemployed will be few as they will getmany job offers.

STRUCTURAL UNEMPLOYMENT:STRUCTURAL UNEMPLOYMENT:

Unemployment which occurs due to fundamental changesin the structure of economy, is called structural unemployment.Mainly these are the changes in population, government

policies, technology etc. Generally, it is found in developingeconomies. Its is chronic unemployment. It is long termphenomena.

CLASSICAL UNEMPLOYMENT:CLASSICAL UNEMPLOYMENT:

In this case, like that of cyclical unemployment, thenumber of job-seekers exceeds the number of vacancies.

However, the problem here is not aggregate demand failure.In this situation, real wages are higher than the market-equilibrium wage. In simple terms, institutions such as "theminimum wage" deter employers from hiring all of theavailable workers, because the cost would exceed thetechnologically-determined benefit of hiring them (the marginalproduct of labour). Some economists theorize that this type of

unemployment can be reduced by increasing the flexibility ofwages (e.g., abolishing minimum wages or employeeprotection), to make the labor market more like a financialmarket.


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HIDDEN UNEMPLOYMENT:HIDDEN UNEMPLOYMENT:

Hidden, or covered, unemployment is the unemployment

of potential workers that is not reflected in officialunemployment statistics, due to the way the statistics arecollected. In many countries only those who have no work butare actively looking for work (and/or qualifying for socialsecurity benefits) are counted as unemployed. Those who havegiven up looking for work (and sometimes those who are onGovernment "retraining" programmes) are not officially counted

among the unemployed, even though they are not employed.The same applies to those who have taken early retirement toavoid being laid off, but would prefer to be working. The statisticalso does not count the "underemployed" - those with part timeor seasonal jobs who would rather have full time jobs. Becauseof hidden unemployment, official statistics often underestimateunemployment rates.


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CAUSES OF UNEMPLOYMENTCAUSES OF UNEMPLOYMENT

Unemployment levels are increasing dramatically in manyparts of the world. There is considerable debate amongeconomists as to the causes of unemployment. Keynesianeconomics emphasizes unemployment resulting frominsufficient effective demand for goods and service in theeconomy. Others point to structural problems, inefficiencies,inherent in labour markets. Classical economics tends to reject

these explanations, and focuses more on rigidities imposed onthe labor market from the outside, such as minimum wage laws,taxes, and other regulations that may discourage the hiring ofworkers.

In the set up of a modern market economy, there are manyfactors, which contribute to unemployment. Causes ofunemployment are varied and it may be due to the following

factors:


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Rapid changes in technologyRapid changes in technology

RecessionsRecessions


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InflationInflation

DisabilityDisability


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Undulating business cyclesndulating business cycles

Changes in tastes as well as alterations in the climatic conditions. This mayhanges in tastes as well as alterations in the climatic conditions. This may ininturn lead to decline in demand for certain services as well as products.turn lead to decline in demand for certain services as well as products.


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Attitude towards employersAttitude towards employers

Willingness to workWillingness to work

Perception of employeesPerception of employees


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Employee valuesEmployee values

Discriminating factors in the place of work (may include discrimination onDiscriminating factors in the place of work (may include discrimination onthe basis of age, class, ethnicity, color and race).the basis of age, class, ethnicity, color and race).


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Ability to look for employmentAbility to look for employment


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Populationopulation


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EFFECT OF UNEMPLOYMENTEFFECT OF UNEMPLOYMENT

Unemployment has obvious and well-documented links toeconomic disadvantage and has also been connected in somediscussion to higher crime rates especially among the youngsuicide, and homicide Garry Ottosen and Douglas Thompson(1996) broaden the consequences of unemployment, relating itto increases in the incidences of alcoholism, child abuse, familybreakdown, psychiatric hospitalization, and a variety of physicalcomplaints and illnesses. Some researchers have emphasizedthe importance of preventing youth from falling intounemployment traps. Robert Gitter and Markus Scheuer (1997)suggest that unemployment among youth not only causescurrent hardship, but may also hinder future economic success.This is because unemployed youths arenot able to gainexperience and on-the-job training and because a history of


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joblessness signals that the individual may not have thequalities that are valued in the labour market.

Attempts have, however, been made to estimate theeconomic cost associated with unemployment. Ottosen andThompson (1996, p.5) noted that "the United States loses alittle less than one percentage point of potential grossdomestic product (GDP) or output for each one percentagepoint of unemployment. This implies that an unemploymentrate of 7 percent costs the United States at least $400 billionannually in foregone output. This is more than $2,000 for

every man, woman, and child over 16 years of age."Similarly, in Australia, Peter Kenyon (1998) calculated thatthe loss of GDP associated with an unemployment rateabove the full-employment rate is the equivalent of oneyear's worth of GDP over the past two decades.

In addition to the loss of GDP, high unemployment

increases the burden on social welfare programs. Theseinclude unemployment insurance programs and other typesof welfare, such as food stamps, Medicaid, Medicare, andSupplemental Security Income (Ottosen and Thompson1996). There are also intergenerational effects, asunemployment of parents will limit their capacity to financethe schooling of their children. As education is the primarymeans of social mobility, this intergenerational effect will

give rise to an inheritance of inequality.

Unemployment rates


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region Unemployment

rate

region Unemployment

rate

North America Middle East

Canada 6.8 Israel 8.8

United Sates 4.0 Turkey 7.3

South/CentralAmerica

United Arab

Emirates2.3

Argentina 15.0 Africa

Chile 8.3 Egypt 8.1

Colombia 20.5 Suriname 14.0

Costa Rica 5.2 Algeria 29.8

Peru 7.4 Tunisia 15.6


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Europe Asia

France 9.6 Korea,Republic of

4.1

Germany 7.9 Japan 4.7

Italy 10.5 Philippines 10.1

Netherlands 3.3 Singapore 4.4

Sweden 4.7 Sri Lanka 8.0

United Kingdom 5.5 Thailand 2.4

Eastern Europe Oceania

Bulgaria 16.4 Australia 6.6

Czech Republic 8.3 New Zealand 6.0

Hungary 6.4


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Poland 16.1

Romania 7.1

To many economists, persistent unemployment is a sign ofmarket failure because unemployment is a waste of scarceresources and leads to a loss of potential output and a reductionin allocative efficiency. The economy is operating below the

maximum output it could achieve. This might be illustrated bymaking use of a PPF or using the concept of the output gap.

CHARTS & DIAGRAMSCHARTS & DIAGRAMS


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Unemployment Rate by State: 2003, 2004, and 2005Unemployment Rate by State: 2003, 2004, and 2005

Country 2003 2004 2005

United States 6.0% 5.5% 5.1%

Alabama 5.8 5.6 4.0

Alaska 7.7 7.5 6.8

Arizona 5.7 5.0 4.7

Arkansas 5.9 5.7 4.9

California 6.8 6.2 5.4

Colorado 6.2 5.5 5.0

Connecticut 5.5 4.9 4.9

Delaware 4.0 4.1 4.2

District of

Columbia7.2 8.2 6.5

Florida 5.3 4.8 3.8

Georgia 4.7 4.6 5.3

Hawaii 3.9 3.3 2.8Idaho 5.3 4.7 3.8

Illinois 6.7 6.2 5.7

Indiana 5.3 5.2 5.4

Iowa 4.4 4.8 4.6
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Kansas 5.6% 5.5% 5.1%

Kentucky 6.2 5.3 6.1

Louisiana 6.3 5.7 7.1Maine 5.0 4.6 4.8

Maryland 4.5 4.2 4.1

Massachusetts 5.8 5.1 4.8

Michigan 7.1 7.1 6.7

Minnesota 4.9 4.7 4.0

Mississippi 6.4 6.2 7.9

Missouri 5.6 5.7 5.4

Montana 4.4 4.4 4.0

Nebraska 4.0 3.8 3.8

Nevada 5.1 4.3 4.1

New Hampshire 4.5 3.8 3.6

New Jersey 5.9 4.8 4.4

New Mexico 5.9 5.7 5.3

New York 6.4 5.8 5.0

North Carolina 6.5 5.5 5.2

North Dakota 3.6% 3.4% 3.4%Ohio 6.2 6.1 5.9

Oklahoma 5.6 4.8 4.4

Oregon 8.1 7.4 6.1

Pennsylvania 5.7 5.5 5.0
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Puerto Rico 12.0 10.6 11.3

Rhode Island 5.4 5.2 5.0

South Carolina 6.7 6.8 6.8South Dakota 3.5 3.5 3.9

Tennessee 5.5 5.4 5.6

Texas 6.7 6.1 5.3

Utah 5.7 5.2 4.3

Vermont 4.5 3.7 3.5

Virginia 4.1 3.7 3.5

Washington 7.4 6.2 5.5

West Virginia 6.0 5.3 5.0

CIA figures foCIA figures for world unemployment rates, 2010
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NATURAL RATE


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The natural rate of unemployment is the rate ofunemployment where the labour market is in a position ofequilibrium. This means that the labour supply = labour demand

at a given real wage rate. All those people willing and able totake paid employment at the going wage rate do so.

The diagram below shows the labour supply (those willingand able to take work at a going wage rate) and the labour force- the number of active participants in the labour market. Thelabour force expands as the real wage rises because there is agreater incentive to search for paid work and sacrifice leisure.

Employment on the x-axis measures the total labour hourssupplied by workers in the economy in a given time period. Asthe real wage increases, the total number of hours supplied bythe labour force will expand.


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The natural rate of unemployment is not zero - at theequilibrium wage W1 in the diagram above, there isunemployment measured by AB. This is made up of frictional

plus structural unemployment. At a wage rate W2 (above theequilibrium "market-clearing wage") employment contracts alongthe labour demand curve and total unemployment rises (see thediagram below)

Dis-equilibrium unemployment rises to the level shown by

the distance CD. This is because labour demand has fallen andthe labour force has expanded. There is an excess supply oflabour - some people who are willing and able to findemployment cannot get paid work


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THE NAIRU The Non Accelerating Inflation Rate of Unemployment isthe level of unemployment at which inflationary pressures in theeconomy are stable. According to supply-side economists,unemployment cannot be held permanently below its naturallevel. Some argue if actual unemployment falls below the natural

rate (i.e. equilibrium unemployment) - there is upward pressureon wage inflation that then feeds into general price inflation.

Clearly changes in unemployment do have an effect on therisk of inflation. Consider this comment from the Bank ofEngland. "Developments in the labour market are a keydeterminant of domestically generated inflation." (UK MonetaryPolicy Committee minutes). As unemployment falls towards theNAIRU, skill shortages exert upward pressure on wages andproducer prices, until any further falls in unemployment lead tofuture higher inflation.


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ARTICLE ON UNEMPLOYMENT


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REMIEDIES FOR SOLVING PROBLEM INUNEMPLOYMENT

Reducing unemployment is a key target for all Governments.High unemployment has enormous costs for individuals,businesses, the Government and the economy.

The way of solving unemployment will depend upon its cause

METHODSMETHODS:-

Government support to struggling industries in order to try tosave jobs e.g. airline industry

Provide more training and education to the unemployed. This

could help improve computer skills and communication. Thesepeople will become more confident and employable.

Make more information available in job centres.

Reduce unemployment benefits or cut benefits all together


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Try to bring the country out of a recession. The Governmentneeds to try to create demand in the economy. It could;

Give grants to businesses to produce goods

Have projects such as road building

Cut interest rates to encourage spending

Cut income tax to encourage spending

NEW DEALNEW DEAL:-

Labours New Deal programme for young unemployed peoplewas introduced across the UK in April 1998. In June 1998 theGovernment launched a separate New Deal for Long-TermUnemployed People aged over 25+.

The main options are:

A subsidised job with an employer

Remaining in full-time educationand training

Work within the accreditedvoluntary sector and

Work experience with anenvironmental task force.

The programme is designed to provide pathways back into workfor the long term unemployed many of whom have becomeoutsiders in the labour market despite the continuing strength ofthe British economy. Higher levels of employment and economic


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activity add to total national output and should help to improvethe overall performance of the labour market in sustaining longrun economic growth.

Bibiliography

pptlens.com/youth-employment.htm

socsci.gulfcoast.edu/.../eco2013ppt/pdf/6.UNEMPLOYMENT.pdf

www.studentshangout.com/.../117427-download-seminar-ppt-file-for-engineering-branches

www.4shared.com/.../Population_Growth_and_Unemploy.html
http://www.studentshangout.com/.../117427-download-seminar-ppt-file-for-engineering-brancheshttp://www.studentshangout.com/.../117427-download-seminar-ppt-file-for-engineering-brancheshttp://www.studentshangout.com/.../117427-download-seminar-ppt-file-for-engineering-brancheshttp://www.studentshangout.com/.../117427-download-seminar-ppt-file-for-engineering-brancheshttp://www.studentshangout.com/.../117427-download-seminar-ppt-file-for-engineering-brancheshttp://www.studentshangout.com/.../117427-download-seminar-ppt-file-for-engineering-brancheshttp://www.studentshangout.com/.../117427-download-seminar-ppt-file-for-engineering-brancheshttp://www.studentshangout.com/.../117427-download-seminar-ppt-file-for-engineering-branches


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