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ECO 405 Assignment 3 Economic Policy Recommendation

Assignment analyzing economic policy recommendations for ECO 405.

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    ECO 405 Assignment 3 Economic Policy Recommendatio n Select an economic problem mentioned in the textbook as the topic for a policy recommendation. Write a six to eight (6 - 8) page paper modeled as a policy recommendation in which you: Briefly describe the economic problem you have selected.Assess the impact the problem poses to society. Design an economic policy solution to the problem. Analyze the economic theory used to complete the policy solution and determine the impact on the appropriate stakeholders. 1. Analyze how the economic policy proposed would impact the market or solve the economic problem. 2. Use at least five (5) quality academic resources. Note: Wikipedia and other Websites do not qualify as academic resources. INTRODUCTION: This write - up talks of UNEMPLOYMENT, as a key macroeconomic concept that affects each one of us. We attempt to understand the many facets of unemployment - i ts meaning , importance , measurement, inadequacies in concept, types and nature, and solutions . We consider these facets with respect to USA, so that we are able to consider certain peculiarities associated with unp in USA. MEANING of UNEMPLOYMENT . Unemployment is a state where a person who is willing and able to work I unable to find work at the current wage rate level. It is calculated as the number of unemployed/ number of people in labor force. As per Bureau of L abor S tatistics , t he unemployed include the following as long as they are above the age of 16 :

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     ‘All those who did not have a job at all during the survey reference week, made at least one specific active effort to find a job during the prior 4 weeks, and were available for work  All those who were not working and were waiting to be called back to a job from which they had been laid off. ‘ Unemployment is USA stands at 5.4% as per the most recent figures for April 2015. This is much lower than the 10% levels it touched during the recent recession. This high level was touted as one of the worst effects of the slowdown. Since then it has come down though it is still above the 2006 levels. TYPES OF UNEMPLOYMENT: OPEN UNEMPLOYMENT — workers are willing to work at the market wage rate but are unable to find jobs. This is basically due to no. of jobs being lesser than the no. of workers. In a sense it’s the purest form of UNEMPLOYMENT.

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