How can we limit the amount of unemployment in an economy?How can we limit the amount of unemployment in an economy?
The best way to limit unemployment (at least in a rich economy) is to have workers who are well-trained and educated and who are able to move from place to place quite easily.
If workers have good skills and education, they will be able to adapt quickly to changing demands in the job market. If a certain type of job comes to be in higher demand, they will be able to fill that job because they are flexible.
It is also important for workers to be able to move from place to place. If the economy in one part of the country is going well and there are many jobs available in that place, workers must be able to move there to take the jobs. If they cannot do this (because they are not allowed to or because they own a house and cant' sell it, for exaple), then there will be excessive unemployment in one area while there are open jobs in another area.
We need to have a better system to match people with jobs. Our current system is terribly inefficient. Although there are more opportunities to cast a wide net, both as an employer and job seeker, that actually can make it harder to match the right employer and employee. How do you choose the right person from several thousand, most of whom are overqualified? We need to train people in new jobs when they can't find any in their old trade, but we also need to find ways to get people back to work fast.
The biggest way to limit unemployment is to train workers to do the jobs that are available. As someone else mentioned workers also have to be willing to move to where there is work available.
We could limit unemployment by returning jobs to the country by making our own products instead of sending jobs out of the country. Currently we send many jobs to other countries becasue
Create new jobs and educate workers on how to do their jobs the best way possible. If we created jobs that made/ assembled items in the economy then we coudl increase the number of people working. Education helps to motivate workers to want to move up in the work structure.