Question

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)

Answer 1

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.