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MACROECONOMIC POLICY TO REDUCE UNEMPLOYMENT
MACROECONOMIC POLICY TO REDUCE UNEMPLOYMENT Introduction Over the period, the menace of unemployment has continued to be one of the critical problems facing the establishment of the economy. The performance of the economy of any nation is largely dependent on the prevailing of unemployment rates. Unemployment generally occurs in the economy when the number of there is a given percentages of the population willing and able to work are rendered jobless in the economy. The measure of unemployment in the economy is generally considered through the aspect of employment rates and this differs between various nations and over time period. The global statistics conducted by the international labor organizations has revealed that 6%u0025 of world%u2019s workforce is unemployed (KAUFMAN, 2012). The development of unemployment in the economy is extremely detrimental and various policies have been established to ensure that the rates of unemployment are reduced in the economy. These policies include fiscal and monetary policies. Generally, both of these policies are employed to solve the problem of unemployment through their activity in increasing the value of aggregate demand and economic growth. The study of analytical results from the department of labor has provided critical insights in the prevalence of the pandemic that involves the development of labor standards. The establishment of the factors of economic development has been identified as some of the factors that results into the growth of employment rates. An insight in the problem of unemployment is highlighted by the use of the following graph. Source (Bureau of labor statistics, 2013). According to the graph, it is evident that the development and the depiction of unemployment rates in the economy normally fluctuate depending on the performance of the economy. The periods of the recent past has witnessed the development of various macroeconomic policies that are aimed at establishing full employment.
