Today unemployment is not only the major problem of the developing countries but also it is the burning issue of the developed countries. Even the USA, a super power which has hold all over the world is facing the problem of unemployment these days as his economy is crashing down day by day. The different definitions of unemployment are appended below:
The unemployment or joblessness, as defined by the International Labor Organization, occurs when people are without jobs and they have actively looked for work within the past four weeks.
The unemployment rate is a measure of the prevalence of unemployment and it is calculated as a percentage by dividing the number of unemployed individuals by all individuals presently in the labor force.
According to the Marxist theory of unemployment, it is in the very nature of the capitalist mode of production to overwork some workers while keeping the rest as a reserve army of unemployed paupers.
The unemployment can also be defined as the state of being without paid work, though willing and able to work and actively seeking work is also, a proportion of labor force that is without paid work. An economic condition marked by the fact that individuals actively seeking jobs remain unemployed. Unemployment is expressed as a percentage of the total available work force. The level of unemployment varies with economic conditions and other circumstances.
The unemployment describes the state of a worker who is able and willing to take work but cannot find it. As indicated by the unemployment rate and other yardsticks, unemployment is a significant measure of the economy’s power. A high unemployment rate in general indicates an economy in recession with few job opportunities, while a low unemployment rate points to an economy running at or near full throttle. A low unemployment rate has its downside for stock prices, nevertheless: it may be an indication of higher interest rates that will slow both an upset economy and the rise in justness values.
The unemployment is the condition of a person who is able to work, is actively seeking work, but is unable to find any. Statistics on unemployment are collected and analyzed by government labor offices in most countries and are considered an important indicator of economic health. Since World War II full employment has been a declared objective of many governments. Full employment is not essentially equal with a zero unemployment rate, since at any given time the unemployment rate will include some people who are between jobs and not unemployed in any long-term sense. Underemployment is the term used to describe the situation of those who are able to find employment only for shorter than normal periods e.g. part-time workers and seasonal workers — and may also describe the condition of workers whose education or training makes them overqualified for their jobs.
Some of the Economists differentiate between different overlapping types of and theories of unemployment, including cyclical or Keynesian unemployment, frictional unemployment, structural unemployment and classical unemployment. Some other types of unemployment that are occasionally mentioned are seasonal unemployment, hardcore unemployment, and hidden unemployment, Classical or real-wage unemployment, voluntary, involuntary unemployment and long-term unemployment. It is high time that all the governments of all over the world must take immediate steps for the eradication of the unemployment from their countries which are inevitable to stable their economy.
