Abstract
There are substantial societal and economic consequences of unemployment. The effects of job creation and destruction on the unemployment rate are examined in this article. It considers job loss and re-employment rates to provide the authentic unemployment rate. Costs associated with looking for work and salary stagnation are the root causes of structural and frictional unemployment. After that, the article delves into the effects of unemployment, including less GDP, tax money, human capital, and welfare expenditure. Fiscal measures such as public expenditure and tax cuts, monetary easing via reduction to interest rates and the money supply, and structural changes to improve skills and labor mobility are all part of the policy solutions that are described to lessen the impact of these factors. This article delves deeply into unemployment’s origins, implications, and policy solutions. Long-term unemployment causes a lot of problems; therefore, solving them will need policies that are well-coordinated in the fiscal, monetary, and structural areas.
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