Unemployment is a term referring to individuals who are employable and actively seeking a job but are unable to find a job. Unemployed individuals not only lose income but also face challenges to their physical and mental health. Societal costs of high unemployment include higher crime and a reduced rate of volunteerism. Unemployment wastes resources, generates redistributive pressures and distortions, increases poverty, limits labor mobility, and promotes social unrest and conflict. Some steps to reduce unemployment are: improve skills/human capital to make people more flexible; provide stronger incentives to look for and accept work; increase the occupational and geographical mobility of labour; maintain a sufficiently high level of demand to create enough new jobs; encourage entrepreneurship and innovation etc. Continue reading for more engaging details.

Ridhi Kumari

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