(A) Types of Unemployment: After the Great Depression (1929-33), two major economic problems that world economies have been facing are Unemployment and Inflation.
Therefore the public authority of any nation today has the primary
responsibility of minimizing the level of unemployment and aiming for
the full employment condition. An equally important task of the public
authority is to contain inflation.
There are various types or sources of unemployment. These are the contributory causes of unemployment conditions. The main types of unemployment are:
i) Frictional Unemployment: Whenever there
are frictions or some maladjustment in economic and productive
activities, a part of the labor force is likely to be rendered
unemployed. The frictions are caused because of a variety of factors.
These include changes in the technical conditions of work, shift in the
site of an industrial unit,
market imperfections and want of adequate information, failure of
adjustments in the supply and demand conditions etc. Normally,
frictional unemployment is partial and temporary. It is partial in the
sense only a part of the labor force in certain sections of the economy
is rendered unemployed. Again it is temporary in the sense once the
frictional forces are located and corrected the level of employment can
be restored.
ii) Structural Unemployment: Whenever an
economy undergoes basic structural changes there is the possibility of
some part of the labor force being thrown out of employment. The long
term process of economic development and growth gives rise to variety of
structural changes. Considerable changes in productive activity
from traditional agriculture to modern industry; transformation of
rural sectors into urban units; replacement of small scale and cottage
industries by large scale manufacturing units; introduction of
electricity or other sources of commercial energy in place of manual and
animal power are some examples of structural changes. The economy
under the process of structural changes is in the condition of transition.
Some workers are likely to become jobless during the process of
transition. Moreover, the duration of such unemployment may also be
fairly long depending upon the extent of corrective and restorative
measures introduced to restrict the period of unemployment.
iii) Voluntary Unemployment: Unemployment is
usually defined as a condition under which able bodied members of the
working age (about 18 to 60 years) -- do not find it possible to get
absorbed at the current market wage rate. But there may be some members of the society who do not satisfy all these conditions and hence remain unemployed. Even when jobs are available at current market wage rate, some may not be willing to work:
they may not like the nature of the job or find the rate of wages
offered to be inadequate, or they simply prefer leisure to work. In all
such cases the members are said to be voluntarily unemployed. Such
voluntarily unemployed individuals do not cause any problem to the
public authorities. Their size in proportion to the total labor force
is likely to be negligible.
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