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ID number:995151
Author:
Evaluation:
Published: 23.11.2004.
Language: English
Level: Secondary school
Literature: n/a
References: Not used
Extract

During this home reading I read some articles from “The Economist”. There were several topics I read about, but the most interesting was the problem of unemployment in the Europe and the USA and preparing for presidential election in the USA that will take place this autumn.
Firstly I would like to say that the unemployment is a problem not only in Latvia (as we could think so), but also in some states of the European Union.
The “natural rate” of unemployment is 5 per cent that is a result of the normal or frictional patterns of job gains and losses at any one time. That means that not every high qualified person wants to accept several jobs, because he is looking for something better or some other people change they work and between the old and the new one they take some period, when they are counted to be unemployed. But the problem is that the unemployment rate is still higher than 5 per cents. For example in the USA it fluctuates between 5.6 and 6.3 per cent.
However there are still ways and means how to fight against this problem. As an illustration I can mention Germany which subsidise previously unemployed workers in starting their own business. Low unemployment rate is in Japan because firms are unwilling to sack workers for social reasons.…

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