Do you think structural unemployment is natural or not? Provide one real and one futuristic (just...

Do you think structural unemployment is natural or not? Provide one real and one futuristic (just make up, use your imagination) example for structural unemployment. Explain them.

(Please solve the problem in detail. Thnx for help)

Solutions

Expert Solution

Structural unemployment is a type of long-term unemployment caused by shifts in the economy. It occurs when there is an oversupply of jobs and people who are willing to work them, but those people are not qualified to do so. One of the reasons behind structural unemployment is technological advances, which can cause some types of skilled laborers to become obsolete. Structural unemployment is a direct result of shifts in the economy, including changes in technology or declines in an industry.

Yes Structural Unemployment is natural. Technology keeps on evolving. New technology will take the place of old technology. As a result people will have to upgrade their skills as per the current market demand or else they will become unemployed.

Currently people working as data analysts have to upgrade themselves with new technologies. These include R, Python, VBA, SQL, Robotic Process Automation etc. If a data analyst is only dependent on his skill of Excel and does not upgrade his skills then he will become obselete in the market. In fact current trend is evident of this fact.

Futuristic Example can be related to use of automatic driverless cars. Such cars will result into unemployment of large number of cab drivers.Driverless cars may prove to replace all sorts of driving jobs, including bus and truck drivers, taxi drivers, and chauffeurs. The skills possessed by these people will no longer be in demand. These people will have to look for alternative jobs or else if some of them are able to upgrade their skills for managing the technical glitches arising while driving a driverless car, can find some sort of employment in this sector.

Rahul Sunny answered 6 months ago

Next > < Previous

Related Solutions

What are cyclical, frictional, and structural unemployment? The natural rate of unemployment equals frictional plus structural...

What are cyclical, frictional, and structural unemployment? The natural rate of unemployment equals frictional plus structural unemployment. Countries with higher unemployment insurance benefits tend to have higher natural rates of unemployment. Do you think that more generous unemployment benefits raise u* by reducing the finding rate or increasing the separation rate?

What workers today do you think are most susceptible to structural unemployment? Did this interactive deepen...

What workers today do you think are most susceptible to structural unemployment? Did this interactive deepen your understanding of structural unemployment? How might you protect yourself as a worker in the face of technological advancements?

If the US economy is at the natural rate of unemployment with the level of real...

If the US economy is at the natural rate of unemployment with the level of real GDP at potential output, what would expansionary fiscal or monetary policy do to the economy? How would the economy be effected in the short run and long run? Does the Phillips Curve theory explain what happens?

Explain the difference between cyclical, frictional, and structural unemployment and how they relate to the natural...

Explain the difference between cyclical, frictional, and structural unemployment and how they relate to the natural rate of unemployment. Our current inflation rate in the United States is 1.8%. Explain as clearly as possible what that number means, how it is calculated, and how it compares to our goal for inflation. Explain why economists use models and what the AD/AS model helps us understand. How are the Keynesian and neoclassical perspectives on the economy different, and how is it possible...

Which one between unemployment and inflation do you think is more inportant to stabilize if the...

Which one between unemployment and inflation do you think is more inportant to stabilize if the policy maler cannot do both at the same time?

Do you agree with the statement “The real unemployment rate is underreported, and the real inflation...

Do you agree with the statement “The real unemployment rate is underreported, and the real inflation rate is over-reported”? Give examples. Can the government do anything to make a more accurate measure?

Cyclical unemployment and Structural Unemployment which one is more harmful to a society and its economy?...

Cyclical unemployment and Structural Unemployment which one is more harmful to a society and its economy? Please explain why do you think so. Please help!!!

Sticky Wages are an important cause of Structural Unemployment. Do you agree or disagree? Mention all...

Sticky Wages are an important cause of Structural Unemployment. Do you agree or disagree? Mention all reasons for Sticky wages. Describe any one reason of sticky wages in detail. (4-5 LINES) (GRAPH IS MANDATORY)

Sticky Wages are an important cause of Structural Unemployment. Do you agree or disagree? Mention all...

Have you ever been denied unemployment benefits and do you think unemployment benefits should be extended...

Have you ever been denied unemployment benefits and do you think unemployment benefits should be extended for individuals having a difficult time finding employment? What do you think about the current administration decision to extend unemployment benefits for unemployed individuals up to two years? Does unemployment benefits lessens the incentive for unemployed to gainfully seek employment?

Subjects