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People need money to purchase all kinds of goods and services they needed every day and sometimes, for goods or services they desire to own. To fulfill that, they have the essential need to earn money. In order to earn money, they must work in either in fields related to their interests or to their qualifications. However, people will meet different challenges during their jobs-hunting sessions, such as many candidates competing for a job vacancy; salaries offered are lower than expected salaries and economic crisis or down which causes unemployment. Unemployment is what we will be looking into in this report. Dwidedi (2010) stated that unemployment is defined as not much job vacancies are available to fulfill the amount of people who want to work and can work according to the current pay they can get for a job they chose to work as. There are four major types of unemployment: frictional, structural, cyclical and seasonal unemployment. The first type of unemployment is frictional unemployment. Mankiw (2008) says that frictional unemployment is “unemployment that results because it takes time for the workers to search for the jobs that best suit their tastes and skills” (p. 601). The rate of frictional unemployment will never be zero so the full employment never reached. The new entrants like fresh graduates and re-entrants like housewives will also lead to frictional unemployment. The period of frictional unemployment is determined by the unemployment insurance benefits and the speed of the information (Mouhammed, 2011). According to Arnold (2011), the major cause of frictional unemployment is imperfect information, which means that the lacking of information required in matching a job applicant immediately with a job vacancy. T... ... middle of paper ... ...cs. New York, NY: McGraw-Hill Irwin. McEachern, W. A. (2012). Macroeconomics: A contemporary introduction (10th ed.). Mason, OH: South-Western Cengage Learning. Moomaw, R. L., Oson, K. W., Applegate, M., & McLean, B. (2010). Economics & contemporary issues (8th ed.). Mason, OH: South-Western Cengage Learning. Mouhammed, A. H. (2011). Important theories of unemployment and public policies. Journal of Applied Business and Economics, 12(5), 100-110. Sexton, R. L. (2008). Exploring economics (6th ed.). Mason, OH: South-Western Cengage Learning. Tragakes, E. (2012). Economics for the IB diploma (2nd ed.). Cambridge, UK: Cambridge University Press. Tucker, I. (2010). Macroeconomics for today (7th ed.). Mason, OH: South-Western Cengage Learning. Walterskirchen, E. (1991). Unemployment and labor market flexibility: Austria. Geneva, Switzerland: International Labor Office.
Brue, S. L., Flynn, S. M., & McConnell, C. R. (2011).Economics principles, problems and policies. (19 ed.). New
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Amacher, R., & Pate, J. (2013). Microeconomics principles and policies. San Diego, CA: Bridgepoint Education, Inc.
Sexton, R. L. (2008). Exploring economics (4. ed., International student ed.). Mason, OH: Thomson, South-Western.
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Unemployment refers to people who are available for work but are not employed and have tried to seek for jobs during the previous four weeks. Unemployment can also be subdivided into classical unemployment, frictional unemployment, structural unemployment, cyclical unemployment, seasonal unemployment and long-term unemployment. Unemployment lowers the living standard and creates financial burden to the unemployed people. It also increases mental stress and lowering the self-esteem. In this report, recent structural unemployment situation of Hong Kong is first discussed, then government policies and their effectiveness are focused.
O'Sullivan, A., & Sheffrin, S. (2005). Economics. Upper Saddle River, New Jersey: Pearson Prentice Hall.
Sloman, J & Wride, A (2012). Principles of Economics. 8th ed. Essex: Pearson Education Limited.
The crucial importance and relevance of economics related disciplines to the modern world have led me to want to pursue the study of these social sciences at a higher level. My study of Economics has shown me the fundamental part it plays in our lives and I would like to approach it with an open mind - interested but not yet fully informed.
Rittenberg, L. and Tregarthen, T. (2012). Macroeconomics Principles V. 2.0. Licensed under Creative Commons by-nc-sa 3.0 (https://creativecommons.org/licenses/by-nc-sa/3.0/)
O’Dubhslainé, A. 2006. The White Paper On Education: A Failure To Invest. Student Economic Review. 20 p 115
Daly, Mary, Bart Hobijn, and Rob Valletta. 2011. “The Recent Evolution of the Natural Rate of Unemployment.”
Sullivan, A., & Steven M., (2003). Economics: Principles in action. Upper Saddle River, New Jersey : Pearson Prentice Hal