A Brief Note On Unemployment And Its Effect On The Economy

Unemployment plays a huge factor in the appearance of a good economy. All over the world governments try to decrease the amount of people that are unemployed in its country. Governments always want to try and provide fixes to things such as unemployment by instituting minimum wage laws, job security laws, and setting regulations on working conditions. While most of these things may seem necessary and even beneficial we have learned that laws and regulations such as these set on businesses typically hurt the ones they are trying to help the most. It is another case of focusing on the goals that these policies have and not focusing on how well they work and not how well they work out for the group of people that these policies are put in place to help. We have already learned about how things such as price controls can be bad for the economy and it is no different applying it to the agricultural industry or the labor force. One of the most talked about aspects in the United States to help unemployment and help people make more money is by raising the minimum wage. A minimum wage is a law set in place by the government that tells businesses that they cannot pay below a certain amount. The first minimum wage law in the United States was passed in 1938 by Franklin Roosevelt. There has recently been a lot of talk about raising the minimum wage to a living wage. The problem with minimum wage laws is that when a price is artificially raised it tends to cause more to be suppliedShow MoreRelatedA New Up And Coming Uk Government1674 Words   |  7 Pagesrise in unemployment and the lengthy period of recession. To do this the brief will explain the proposed economic objectives and policies, furthermore, it will address the problems of unemployment and the effects of both inflation and international trade on the economy and business organisations. 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