Yiuchi Wu
Section:
Li, Li
Economists and policy makers often consider unemployment rates as an excellent measurement of the economic health. I agree that the unemployment rate is a good indicator of the economy but I also believe we should not only focus on the traditional indicators because it doesn’t provide all the information of the economy. Instead we should consider looking into other indicators such as the inflation rate to have a complete story of our society.
First of all, I believe traditional indicators such as the unemployment does an accurate job on predicting the health of the economy. Unemployment rate is the percentage of the total number of people who are unemployed in the labor force. To understand how to calculate unemployment rate we must understand the terms: unemployed and labor force. Unemployed is defined as people who are actively looking for a job but aren’t employed. This is an important aspect because it tells us how many individuals are searching for a job but couldn’t find one due to the status of the economy. Labor force is the sum of employed and unemployed; from it we can determine the size of our economy and the labor force participation rate. As a result of dividing the number of unemployed by the labor force, we can then conclude the percentage of people who are actively seeking for a job in the labor force. It is evident that unemployment rate can establish how healthy an economy is; generally speaking the lower the unemployment rate results in more people having a job and the healthier an economy is. From the graph “Unemployment Rate vs. Time” we can clearly see that United States’ average unemployment rates are higher than the ones in Hong Kong and Japan. I believe this is occurring because...
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...can further improve our measurement of the economy. The rate of inflation clearly tells us how quickly the price is rising and from that we can determine what is occurring in the economy. From the graph “Inflation Rate vs. Time” we can see that the inflation rate of United States, Hong Kong, and Japan to be moving at a constant rate. Although each country has a different inflation percentage but their price of goods and services are increasing at a steady rate each year which indicates a healthy economy.
Unemployment Rate vs. Time
(USA, Hong Kong China, Japan)
Inflation Rate vs. Time
(USA, Hong Kong China, Japan)
Works Cited
Citations:
Hill, Steven. "Youth employment is bad - but not as bad as we're told." Financial Times (London, England) (2012): n.pag. lexis nexis . Web. 25 Feb 2014.
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The key reason that there was a drop in unemployment rate is that the labor force declined by 312,000. In macro economics, labor force is defined as the actual people who are available for work. This includes the employed and unemployed. Retrospectively, the drop in labor force indicates a drop in the summative value of unemployed and employed population. Izzo (2013) posits that the indication of the decline in unemployment was a long term discouragement and loss of hope of the labor force. Consequently, people are not willing to search for work at the prevailing rate and hence cannot be considered as unemployed.
The Non Governmental Organization that I am researching is Human Rights Watch. This organization is a non-profit entity that does not take any government funding or any funding from any private source that will comprise its goal as an independent defender or the rights of the individual world wide.
The Federal Constitution is a short document which only consists of approximately 7,000 words.The founders wanted it to be short for several reasons:(1) It's meant to be only be a framework for a new government. Basically, Constitution as merely a guideline for how the government should behave.Nowhere does the Constitution read as merely suggested, everything written in it seems pretty definitive, especially about what Congress should and should not do. (2) The founders were ,also framers of the Constitution, practitioners of centuries-old common law. As known, common law legal system is characterized by case law, which is law developed by judges through decisions of courts and similar tribunals.The founders were steeped in incremental change by the judiciary and they believed that, with the careful interpretation by the judiciary, the document they drafted would be flexible over time. It would adapt to changes they could not anticipate. That is precisely why the Constitution is so short.
In Plato’s “The Republic,” Socrates argues that education is key in creating a just state and a just individual. Socrates poses different views on the amount of education an individual needs in order to be an auxiliary, guardian, or philosopher-king. However, Socrates believes that the philosopher-kings’ education makes them more fit to rule as a just individual. While I agree with Socrates about the role that education should play, I do not agree that the education of the philosopher’s make better rulers than any other individual./
Casablanca is considered one of the most amazing movies by a large number of movie lovers. Indeed, it is an undisputable classic that has earned itself an everlasting place in the minds and hearts of many people all over the world. Its script features the increasing menace pertaining to Nazi Germany, as well as the staunch isolationism that the United States has taken up. Casablanca would be considered a classic thanks to its endlessly charming nature that emanates from its stellar performance, as well as its delivery of a timeless story of love and loss.
The high and persistent levels of unemployment in the United States have become one of the most debated topics among economists, policy makers and the unemployed for more than a decade; especially its impact and best approach to resolving the increasing unemployment rates. It is important to note that as much of a global phenomenon unemployment it is, unemployment occurs in numerous forms, economists have broken down unemployment into three main types: Frictional, structural and cyclical. The in-cooperation of these forms is significant to this paper for better understanding of current trends and identifying characteristics of structural unemployment.
Radelet & Borg address the most common arguments for and against the death penalty, and how views on capital punishment have changed over time in respect to six specific areas: deterrence, incapacitation, caprice and bias, cost, innocence, and retribution.
There is a close relationship between Gross Domestic Product (GDP) and the unemployment rate as it will relate to the decrease or increase of inflation rate. The inflation rate will increase when GDP and unemployment decreases, because it will affect the purchasing power of the people of a particular country.
Unemployment is a macroeconomic factor that is pertinent to an extensive economy at a regional level. Therefore it affects a large population rather than a few select individuals. Unemployment does not only have social costs, but economic costs too. The ILO, International Labour organization, defines unemployment as, ''People of working age, who are without work, but available for work and actively seeking employment.'' Therefore implying that it is a state of an individual looking for a job but not having one. Unemployment is one of the key indicators in determining the economic stability of a country; hence governments, businesses and consumers closely monitor it. There are numerous aspects that might lead to unemployment such as labour market conflicts and recessions in the economy. There are two main types of unemployment, which can be focused on, seasonal and cyclical unemployment. Seasonal unemployment occurs when a person is unemployed or their profession is not in demand during a particular season. On the contrary, cyclical unemployment occurs when there is less demand for goods and services in the market so consequently supply needs to be decreased.
“Teen Employment Has Fallen in Recent Decades.” Pew Research Center - Fact Tank, 18 June
Inflation and unemployment are two key elements when evaluating a whole economy and it is also easy to get those figures from National Bureau of Statistics when you want to evaluate it. However, the relationship between them is a controversial topic, which has been debated by economists for decades. From some famous economists such as Paul Samuelson, Milton Freidman etc to some infamous economists, this topic received a lot of attention. However, it is this debate that makes the thinking about it evolve. In this essay, the controversial topic will be discussed by viewing different economists’ opinions on that according to time sequencing. But before started, it is worthy getting a better understanding of the terms, inflation and unemployment.
“The January employment report provides yet one more piece of evidence that the chance of recession this year is truly remote,” said Bernard Baumohl, chief global economist for the Economic Outlook Group in Princeton, N.J. “Economic activity should accelerate this year as rising employment, income, home values and confidence drive more spending,” and he was right. “The financial markets are leery,” said Michael Hanson, a senior economist at Bank of America Merrill Lynch, “but the labor market still looks like it’s continuing to grow.” The new figures suggested that the economy was holding up even with a slowdown in China, growing risks in emerging markets and uproar in the stock market. The slowdown in Chinas production gives the USA the chance to compete with products, quality, and pricing. The decrease in unemployment rate has the Federal Reserve thinking if they should increase the benchmark interest rate, in other words inflate the cost of living or not, according to the NY Times article, “Slower Growth in Jobs Report May Give Fed Pause on Interest Rates.” The economy is getting better but is not yet at its peak or strong enough for an inflation to take place but if the economy keeps going up in the next year or two expect it to happen. Most of our countries unemployment rate decrease is due to all the workers retiring which helps companies promote workers and have more entry positons for new employees. Also the raises in salaries and hourly rates help discouraged workers be more attracted to go back into the work
Inflation is one of the most important economic issues in the world. It can be defined as the price of goods and services rising over monthly or yearly. Inflation leads to a decline in the value of money, it means that we cannot buy something at a price that same as before. This situation will increase our cost of living.
Related to the topic research which is relationship between inflation rate and unemployment rate, the developed country also involved in these two factors economics relationships. As we know United State is one of the most developed countries in the world because it has a highest and modern technological infrastructure and plays important role in world economics. United State is one of the Veto Power countries. For United State country, they are several research were conduct for the relationship between inflation rate and unemployment rate, Mankiw (2000), Sackl’ en (2006), and Berentsen (2011). All of these previous researches employed various approaches to achieve the same objective. Hogan (1998) said that exist a negative relationship between this two variable in a short run. The low of unemployment rate in United State has increased the inflation rate. Using the estimation of Phillips Curves model that has apply in the research, his conclude that the non-accelerat...
Petersen, A. C., & Mortimer, J. T. (2011). Youth unemployment and society. Cambridge: Cambridge University Press.