What are the social costs of unemployment? Can unemployment ever be completely cured? Unemployment is what occurs when a person is seeking employment while lacking a job. It occurs all over the world, in every economy and government. It has various effects which affect amny lives. Unemployment itself can be broken down into four main different types. Firstly there is frictional unemployment which is always present in a economy. It is a short duration unemlpoyment. …
showed first 75 words of 1360 total

showed last 75 words of 1360 total
…t be cured. If it where to hapopen then hyperinflation would occur in the economy. Inflation, a genral sustained rise in the price level, is not good for an economy. It gives econmic costs to society. These include shoe-leather and menu costs, psychological and political costs and costs that arise in the redistribution of the income in society. Therefore if one is to cure unemployment it will then lead to higher problems in a economy.