What Is Unemployment?

Unemployment is a state where the individuals looking out for opportunities to be hired remain jobless over a period. So what is unemployment in real terms? According to the international labor organization, the term unemployment refers to a situation where an individual remains out of work for a period of over four weeks in the time, which he or she has been actively looking out for opportunities to be hired for employment. Even people who have found a job and are looking to start work in a matter of two weeks are termed unemployed by the international labor organization.

In today’s scenario, the situation of unemployment world over is very grim. Statistics reveal that a major portion of the world’s population is unemployed due to various reasons. This also shows economic showdown, which the world is facing today. The causes of unemployment may be numerous but the main reason for the major ratio of the world population being unemployed boils down to the economic recession of the world and the increasing technological advancement by the day.

The major question doing rounds these days is what is unemployment? The reason for this being more and more people of the world does not have a job. This brings individuals to prod on the question what is unemployment. With the advent of machines and technology for all purposes, the requirement of labor force is almost nil in many organizations. This has led to more people remaining out of work for a longer time. The irony is that technology is advancing in a rapid pace and so is the world’s population. However, the sad part is that there are not enough opportunities for all these individuals to be employed.

As the unemployment crisis is booming at a rapid pace stringent measures have to be taken curb the situation immediately. This is a major concern troubling the brains of the economists, as they have to find a practical and sound solution for the brain-racking question what is unemployment. All the unemployment data has to be immaculately recorded by all the governments for the purpose of labor management and macroeconomics.

I hope that in the years to come the situation will come under control under the rightful guidance of well-versed economists. Let us together wait for a situation where the question what is unemployment is read just for knowledge and not dealt with as a crisis booming like today.