Unemployment and Lack of Economic Opportunity

Introduction

For many years, unemployment has remained a severe socioeconomic problem that has continued to affect both developed and developing countries globally. Unemployment refers to the state of joblessness and occurs when people lack economic opportunities despite their efforts to seek employment. Therefore, unemployment is established as a macroeconomic problem that substantially and directly affects all people in society. However, it is worth noting that unemployment and lack of economic opportunity represents a segment of a population that has attained the working age but are unemployed and are searching for employment opportunities. The unemployment rate has been used as the key indicator of defining the economy’s effectiveness and overall state. Indeed, the impact of unemployed and lack of economic activity can be devastating and long-term to the point of affecting the living standards of citizens in retirement. Employment is vital for the youths to feel accepted in the community, and thus employment can lead to cultural, social, and economic isolation. Unemployment and lack of opportunity have been intensified by the poor performance of the economy, increased layoff workers, failure to invest in opportunities that empower the youths, and cultural issues. (Thesis statement).

Annotated Bibliography

Blustein, D. L., Duffy, R., Ferreira, J. A., Cohen-Scali, V., Cinamon, R. G., & Allan, B. A. (2020). Unemployment in the time of COVID-19: A research agenda. Journal of Vocational Behavior, 119, 1-4. https://doi.org/10.1016/j.jvb.2020.103436

The article has been written by a group of scholars interested in developing a research agenda following the massive unemployment resulting from the COVID-19 pandemic that has continued to affect the world at large. In essence, this article’s authors have sought to understand how unemployment and lack of economic opportunity have varied from the rest of the unemployment periods. Indeed, the authors have examined the grief that families are going through following the loss of their loved ones and the loss of job opportunities. The authors have also addressed the disproportionate equality that is now impacting the working class and poor communities. Each author of the journal article has provided different contributions of ideas in the wake of rampant unemployment during the COVID-19 crisis. Furthermore, the authors have shared their views about the devastating of unemployment on people and communities’ economic, social, and psychological well-being. Therefore, the article will be useful in examining the research topic under study.

Brand, J. E. (2015). The far-reaching impact of job loss and unemployment. Annual Review of Sociology, 41(1), 359-375. https://doi.org/10.1146/annurev-soc-071913-043237

Brand’s article offers an elaborate impact of unemployment and job loss for families and communities. The author has examined who severe economic hardships are experienced by those who lose job opportunities. The study has deeply from the displacement approach to estimate the relationship between life outcomes and socioeconomic circumstances prevalent in society. In this article, Brand has given a particular focus on the effects of unemployment and job loss, such as long-term earnings losses, social withdrawal, the decline in physical and psychological well-being, and family disruption. In the process, Brand has explored how reemployment helps of eradicates the adverse effects of job loss and unemployment but does not eliminate them. Furthermore, Brand has examined the widespread unemployment, which has been associated with severe economic losses. The article provides direction for future research on what needs to be done to address these socio-psychological and financial losses resulting from job loss and unemployment. The paper will be included in writing the research topic because it carries useful and relevant information.

Mark Paul, William Darity Jr., Darrick Hamilton, & Khaing Zaw. (2018). A path to ending poverty by way of ending unemployment: A federal job guarantee. RSF: The Russell Sage Foundation Journal of the Social Sciences, 4(3), 44. https://doi.org/10.7758/rsf.2018.4.3.03

In this article, the authors are interested in uncovering why unemployment is a severe problem in the United States despite being of the richest countries globally. Moreover, the authors of this article have examined that millions of Americans live in poverty despite comprehensive social insurance put in place in the United States. The authors demonstrate that unemployment is a robust predictor of poverty in the United States. Thus, they have suggested that the federal government create and guarantee Americans permanent jobs to counter this socioeconomic problem. In this article, the authors propose a program that will offer full-time job opportunities for Americans 18 years and above. These experienced writers are aware of the limitations of unemployment and believe that the employees’ bargaining power should be increased to mitigate involuntary unemployment. The article provides a comprehensive examination of unemployment, and thereby it will be instrumental in formulating the literature review of the research topic.

Pohlan, L. (2019). Unemployment and social exclusion. Journal of Economic Behavior & Organization, 164, 273-299. https://doi.org/10.1016/j.jebo.2019.06.006

Pohlan has attempted to study the fundamental relations that exist between social exclusion and job loss by examining in great detail the driving tools behind this link. Indeed, Pohlan establishes that job loss has dire consequences of the subjective thinking of life satisfaction, social integration, mental health, and access to economic resources. Equally, the author of this article has indicated that unemployment hampers people from fulfilling their psychological needs conventionally linked with employment like higher self-efficacy and social status. Pohlan has continued to analyze the social and economic effects of job loss that lead to exclusion in the community. Furthermore, the author of this article has defined some of the interdependent factors that illustrate social exclusion from those who are unemployed. Given this definition, readers can learn aspects of social exclusion that are affected by unemployment. Thus, the author has deeply reflected on how job loss leads to the job loss that eventual the physical and psychological well-being of unemployed people in the society.

Tcherneva, P. R. (2017). Unemployment: The silent epidemic. SSRN Electronic Journal, 1-27. https://doi.org/10.2139/ssrn.3025544

In this article, Tcherneva has examined two primary employment elements and how they lead to socioeconomic costs. Unemployment has been established as a macroeconomic phenomenon that acts like an epidemic. Nonetheless, Tcherneva has offered a detailed assessment of the macroeconomic problem and proposed ways through which unemployment can be tackled to mitigate joblessness in society. The author suggests the formulation of a fiscal policy that will ensure this disease of unemployment is fully contained through prevention and preparedness strategies. As an experienced economist, Tcherneva has offered a conservative view of unemployment, leading to market failure. Therefore, the author has utilized the conventional theory to examine how policy can eradicate unemployment that has affected people from all walks of life. Ultimately, the author has analyzed how unemployment is pervasive, persistent, and significantly affected the economy. Based on these attributes, the paper is useful to document the literature on the research topic.

References

Brand, J. E. (2015). The far-reaching impact of job loss and unemployment. Annual Review of Sociology, 41(1), 359-375. https://doi.org/10.1146/annurev-soc-071913-043237

Pohlan, L. (2019). Unemployment and social exclusion. Journal of Economic Behavior & Organization, 164, 273-299. https://doi.org/10.1016/j.jebo.2019.06.006

Tcherneva, P. R. (2017). Unemployment: The silent epidemic. SSRN Electronic Journal, 1-27. https://doi.org/10.2139/ssrn.3025544

Unemployment and Lack of Economic Opportunity

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