ECO 405 Assignment 3 Economic Policy Recommendation

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ECO 405 Assignment 3Economic Policy RecommendationSelectaneconomicproblemmentionedinthetextbookasthetopicforapolicyrecommendation.Writeasixtoeight(6-8)pagepapermodeledasapolicyrecommendationinwhichyou:Brieflydescribetheeconomicproblemyouhaveselected.Assesstheimpacttheproblemposestosociety.Designaneconomicpolicysolutiontotheproblem.Analyzetheeconomictheoryusedtocompletethepolicysolutionanddeterminetheimpactontheappropriatestakeholders.1.Analyzehowtheeconomicpolicyproposedwouldimpactthemarketorsolvetheeconomicproblem.2.Useatleastfive(5)qualityacademicresources.Note:WikipediaandotherWebsitesdonotqualifyasacademicresources.INTRODUCTION:This write-uptalks ofUNEMPLOYMENT, as a key macroeconomic concept thataffects each one of us. We attempt to understandthe many facets ofunemployment-its meaning,importance, measurement, inadequacies in concept,types and nature, and solutions. Weconsider these facets with respect to USA, sothat we are able to consider certain peculiarities associated with unp in USA.MEANING ofUNEMPLOYMENT.Unemploymentis a state where a person who is willing and able to work I unableto find work at the current wage rate level. It is calculated as the number ofunemployed/ number of people in labor force. As perBureau ofLaborStatistics,theunemployedincludethe 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, madeat least one specific active effort to find a job during the prior 4 weeks, and wereavailable for workAll those who were not working and were waiting to be called back to a jobfrom which they had been laid off. ‘Unemploymentis USA stands at 5.4% as per the most recent figures for April2015. This is much lower thanthe10% levels it touched during the recentrecession. 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 ratebut are unable to find jobs. This is basically due to no. of jobs being lesser thanthe no. of workers. In a sense it’s the purest form of UNEMPLOYMENT.

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