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Unemployment Essay

257 words - 2 pages

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M5A1: GDP, Unemployment and Inflation
[Document subtitle]
November 20, 2015


November 20, 2015

If the government guarantees income to those who are unemployed I think it could lower

the unemployment rate. The individuals that currently receive unemployment benefits are

counted in the unemployment rate. Those people are ...view middle of the document...

If they are not part of

the labor force then they are not counted in the unemployment rate. I don’t think a cost of living

adjustment should apply for those that are unemployed. If the government income is not enough

to support the individual or a family that person would only need to earn enough to supplement

the support. That means they could take an important but lower paying job which are usually

much easier to find and don’t require an extensive skill set.

Okun’s Law says that each additional percentage of unemployment translates into a loss

of 3 percent in real output, that number was adjusted to 2 percent due to the change in the labor

force (Schiller, 2013). The labor force will continue to grow each year and with less people

looking for jobs those that want to work should be able to find employment. A guaranteed

income would keep us close to full employment and expand our production possibilities.

Sources:
Bradley R. Schiller. The Macro Economy Today 13e. 2013

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