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Unemployment and Its Macroeconomic Implications
In the process of learning about macroeconomic trends, one obtains an opportunity to expand their knowledge not only about the particular factors and their outcomes for the economy but also integrate that knowledge with decision making. In particular, one of the most interesting topics encountered in Greenlaw and Taylors (2014) book was the account of unemployment and its short-term and long-term implications for the economy as a whole. This paper is devoted to the description of the information learned about unemployment and the ways these insights might be used in ones decision-making. The change in the unemployment rate in response to economic trends might inform business decisions in relation to the populations that are most likely to be impacted.
Unemployment as a complex issue is two-fold in its effects since it influences individuals who remain jobless and the economy, which is hindered due to the disruption of the flow of financial resources. Greenlaw and Taylor (2014) present an insightful comparison of a national economy with a company. Indeed, they state that an economy that is characterized by a high level of unemployment is similar to a company that has a properly equipped factory that is not used (Greenlaw & Taylor, 2014). Indeed, such an approach to discussing unemployment validates the necessity to resolve the unemployment issues by forecasting its trends and analyzing macroeconomic outcomes.
One of the accounts on unemployment that interested me the most was its cyclical nature. According to Greenlaw and Taylor (2014), cyclical unemployment is a typical pattern of change in the unemployment of a country that depends on the trends in the economy. Cyclical unemployment occurs when the economy shifts from recession to expansion and vice versa (Greenlaw & Taylor, 2014). Thus, it is possible to predict the changes in the unemployment rate based on the trends in the economic processes.
The knowledge about the macroeconomic implications of unemployment will be helpful in my professional decision-making. In particular, from the perspective of a business owner, the information about economic shifts and associated unemployment rate changes might signalize the change in the workforce demand and supply. For example, when choosing an area of business performance or venturing into a new business project, I might consider the unemployment rate in a given field to estimate the opportunities for obtaining talent in the target demographic. Moreover, apart from the cyclical unemployment, my decision-making would benefit from the knowledge of natural unemployment in general and structural unemployment in particular (Greenlaw & Taylor, 2014). Indeed, since structural unemployment is induced by the lack of skills in the workers, it might be relevant to inspect the fields where the rate of unskilled workers is the lowest to target that demographic as ones talent source.
In summation, the presented account on unemployment has demonstrated that the implications of this issue are disruptive for micro- and macroeconomic processes both in short-term and long-term perspectives. Unemployment as a phenomenon implies a close connection between peoples jobs and economic outcomes. As demonstrated in the paper, the knowledge about cyclical and structural unemployment might inform ones decisions about the business spheres to occupy for better talent engagement. Overall, the understanding of the shifts in unemployment might be a useful attribute in macroeconomic analysis for proper decision-making at personal and professional levels. Indeed, this information is insightful for a business owner who creates jobs and for an individual who is willing to occupy a work position in the job market.
Reference
Greenlaw, S. A., & Taylor, T. (2014). Principles of macroeconomics. OpenStax.
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