Unemployment
Unemployment is a term used to describe the situation of people who are without work and actively seeking employment. It is a major economic indicator, and is closely monitored by governments and economists. When unemployment is high, it can have a negative effect on the economy, leading to slower economic growth and higher levels of poverty.
History of Unemployment
The concept of unemployment has been around since the early days of civilization. In ancient Greece, for example, the term “atimia” was used to describe the state of being without work. In the Middle Ages, the term “pauperism” was used to describe the state of poverty caused by unemployment. In the 19th century, the term “unemployment” was first used to describe the situation of people who were without work.
In the 20th century, the concept of unemployment became more widely used, and governments began to take measures to reduce the levels of unemployment in their countries. In the United States, for example, the Social Security Act of 1935 was passed to provide financial assistance to those who were unemployed. In the United Kingdom, the National Insurance Act of 1946 was passed to provide unemployment benefits to those who were out of work.
Comparison of Unemployment Rates
| Country | Unemployment Rate (2020) |
|---|---|
| United States | 6.7% |
| United Kingdom | 4.8% |
| Germany | 5.3% |
| Japan | 2.9% |
Summary
Unemployment is a term used to describe the situation of people who are without work and actively seeking employment. It is a major economic indicator, and is closely monitored by governments and economists. The concept of unemployment has been around since the early days of civilization, and in the 20th century, governments began to take measures to reduce the levels of unemployment in their countries. For more information about unemployment, visit the websites of the U.S. Bureau of Labor Statistics, the U.K. Office for National Statistics, and the International Labour Organization.
See Also
- Labor Force
- Employment
- Underemployment
- Joblessness
- Unskilled Labor
- Layoffs
- Recession
- Inflation
- Gross Domestic Product
- Productivity
