. Introduction
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.
2. Topic Definition/ Justification
Structural unemployment represents a type of unemployment happens when industrial transformation takes place. Development or changes of policies and economic structure will also lead to structural unemployment. Unemployed people will need to enhance their skills or to further study, so that they can meet the hiring requirements. (Nallari, 2010)
Before 20th century, Hong Kong was a small village which depended on fishery. Then the manufacturing industry started to develop. During the 50s and 60s, it was the heyday of manufacturing industry (Carroll, 2013). As refugees came from mainland to escape from the civil war in China, the great increase of labor force fulfill this industry. Most of the factories manufactured wigs, plastic flowers, garments...etc., and most of them brought family business to here. The Hong Kong industry started shifting since 80s when the mainland started reform and opening up policy and capital and factories were moved to mainland. (HULU Culture , 2011)
Structural Unemployment occurred at this time. Today, there are lots of labo...
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First, Structural unemployment occurs when the entire makeup of an economic system experiences fundamental problems such as uneven labor distribution across industries and a lack of skilled workers to fill these positions. Structural unemployment is not caused by changes in supply and demand as the other major types of unemployment. Instead, this kind of unemployment happens because of significant changes in the use of new technologies such as robotics and a.i. Advancements can create
Waggoner, John. "Is Today's Economic Crisis Another Great Depression?" USA Today. N.p., 4 Nov. 2008. Web. 7 Mar. 2014.
The basic definition of unemployment is without work. In macroeconomics, unemployment has a very precise definition and different types of unemployment. Unemployment is defined as the total number of adults (aged 16 years or older) who are willing and able to work and who are actively looking for work but have not found a job. (Miller 140).
Every few years, countries experience an economic decline which is commonly referred to as a recession. In recent years the U.S. has been faced with overcoming the most devastating global economic hardships since the Great Depression. This period “a period of declining GDP, accompanied by lower real income and higher unemployment” has been referred to as the Great Recession (McConnell, 2012 p.G-30). This paper will cover the issues which led to the recession, discuss the strategies taken by the Government and Federal Reserve to alleviate the crisis, and look at the future outlook of the U.S. economy. By examining the nation’s economic struggles during this time period (2007-2009), it will conclude that the current macroeconomic situation deals with unemployment, which is a direct result of the recession.
Hong Kong Reading - "The Book of the Year" Through imperialism, British rule encouraged industrialization and modernization which led to visible growth in the economy as the city is described as a trade center and important in manufacturing and banking, which suggests that the industries and businesses prospered. Additionally, the fear of Chinese rule suggests that businesses operated better under British rule, which shows how imperialism improved the lives of the people of Hong Kong compared to the government before imperial rule. The way that citizens of Hong Kong left the colony before it was returned to China further highlights the different effects of British rule and Chinese rule on the people, suggesting that British rule was preferred by the citizens of Hong Kong which is why they left rather than live under Chinese rule. This implies that the colonized people considered Great Britain’s imperialist rule to be better than the government before which was Chinese. This demonstrates that imperialism improved the lives of the colonized people because it helped the economy grow and prosper.
Hong Kong has always remained a very unique city, one which is said to have ‘a Western past, an Eastern future’. Since its colonisation by the British in the 1860s, it has maintained to a very large extent its Chinese identity and its connection to its Motherland, while at the same time, has frequent contact with the Western world, politically, economically, and culturally. Hong Kong’s unique position has made the city a vibrant international metropolis that acts as a bridge between East and West. Yet after it was returned to China in 1997, this former British colony has been constantly reassessing its British past, struggling to find its new position and redefining its identity.
Besides, in the initialization of Hong Kong into a center of trade, the book also
Braxton, Richard J. "Managing the Unemployment Tsunami: Education and Workforce Development." The Journal of Human Resource and Adult Learning 7.2 (2011): 66-70.
By 1971, the Cultural Revolution in China had ended in failure and conditions in Hong Kong calmed,” Gloria Lannom states, yet it took a while for Hong Kong to rebuild its economic standings because of this fact.
... Hurst, W.J., Won, J. and Qiang, L. (2009) Laid-off workers in a workers’ state: unemployment with Chinese characteristics. Basingstoke: Palgrave Macmillan.
The unemployment rate became a hot topic in the past few months when it rose to
At the end of the paper, I would take a look at the changing attitude
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.
That said, the advantages of technological change outweigh the associated training costs. Consequently, governments and economists support technological change despite the risks of structural unemployment. How does an economy recover from structural unemployment and what government actions can help facilitate this recovery? Despite the support of government and economists on technological change, the resulting structural unemployment can never be left un-checked. In fact, measures should be put in place to facilitate recovery of this type of unemployment.
The most common causes of unemployment are getting fired and layed off for specific reasons. People might get layed off if a company is going out of business or maybe if there are positions in the company that are no longer needed. It’s difficult to find a job right away after being fired. Companies don’t want to hire someone who has just been fired for reasons such as failure to do a sufficient job, not showing up to work, stealing, etc. It’s also hard to find a job instantly after being layed off. In some cases the economy is down and it is hard to find any work in general.