Why is unemployment so high?
By definition, unemployment is a state of man in which one is without a job or work and is constantly seeking to have one for the past four weeks. It is the extent of one’s joblessness within an economy, quantified in terms of unemployment rate which measures the number of unemployed individuals over the total work force. In a state of unemployment, the individual has no means to earning for a living.
In today’s modern era, although many infrastructures are constantly being built and many jobs are open for application, it is a fact that the rate of unemployment has never decreased and is, in reality, soaring high. This does not hold true to just one country but in almost all parts of the world, many people are unemployed.
Many economic analysts have claimed that one of the main reasons of why unemployment is high is because of the rapid technological upsurge. Yes, it is true that technology brought most of the industries at its peak but it has posed a great impact on the need of employees. Because of technology, lesser manpower is needed since the creation of machines, tools and equipments do more jobs in less time with less effort. As the world of technology rises to fame and grandeur, the value of labor from work human hands goes down. This has been the primary reason why unemployment is so high. In addition to that, traditionalism, poor educational background and overpopulation have contributed well enough to the unemployment state of many people across the globe.
Unemployment is considered one of the economic crises many people suffer from. Unemployment can be the root cause of why people engage into things that is not pleasing to the law, to the society and to the Almighty.