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What Are The Consequences Of Unemployment Of World Economies? - Online Essays

What Are The Consequences Of Unemployment Of World Economies?

What Are The Consequences Of Unemployment Of World Economies?

Unemployment is a major life event. It can have a devastating impact on people's lives. It affects not just the unemployed person but also the family members and society in general. The impact of it can be long - lasting. As high rate of unemployment keeps existing long - term, its impact becomes more and more serious, even affecting living standards in retirement. Furthermore, unemployment also means that it is a loss of valuable productive resources to the economy, which is especially noticeable in rural areas. Thus, there are many people affected by unemployment, but we can place them in three big groups, the ...

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the economic consequences can go beyond less consumption. Many people will turn to retirement savings in a pinch, and draining these savings has long term ramifications. Moreover, as said before, prolonged unemployment can also lead to an erosion of skills, basically robbing the economy of otherwise useful talents. At the same time unemployment can also change the way employees think about their future, it can lead to skepticism and pessimism about investing these long years of training some jobs require. The absence of income created can even lead to the denial of educational opportunities and deprive the economy of those future skills. Last but not least, research has shown that unemployment harms mental health of workers, worsen physical health and shorten lifespans.
It may seem to be a reach to say that unemployment has an affect to society as a whole, but it is not at all. The social costs are difficult to calculate but no less real. There are often increased calls for ...

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What Are The Consequences Of Unemployment Of World Economies?. (2020, June 19). Retrieved November 28, 2024, from http://www.essayworld.com/essays/What-Are-Consequences-Unemployment-World-Economies/107378
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"What Are The Consequences Of Unemployment Of World Economies?." Essayworld.com. June 19, 2020. Accessed November 28, 2024. http://www.essayworld.com/essays/What-Are-Consequences-Unemployment-World-Economies/107378.
"What Are The Consequences Of Unemployment Of World Economies?." Essayworld.com. June 19, 2020. Accessed November 28, 2024. http://www.essayworld.com/essays/What-Are-Consequences-Unemployment-World-Economies/107378.
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PAPER DETAILS
Added: 6/19/2020 06:45:34 AM
Submitted By: TheBlackMamba
Category: Economics
Type: Premium Paper
Words: 634
Pages: 3

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