Global Societal Final Paper due in 24 hours

Running Head: UNEMPLOYMENTAND LACK OF ECONOMIC OPPORTUNITY 1

UNEMPLOYMENTAND LACK OF ECONOMIC OPPORTUNITY 6

Unemployment and Lack of Economic Opportunity

Combs

April 20, 2020

Introduction

The purpose of this paper is to discuss the global societal issue which is unemployment and lack of economic opportunity. Through annotated bibliography, the paper will highlight resources that can give insight about unemployment and lack of economic opportunity. In most countries unemployment is the trending problem that mostly affect the youth due to lack of social capital, mismatch of required skills, experience as well as economic conditions. While there are a huge number of workers for the job opportunities, there are few employment opportunities that these people can fill. While unemployment is basically cause by inappropriate economic structures such as in African and other developing countries, graduates from developed countries face the challenge of unemployment due to lack of skills and experience in respective fields. Some of the solution that will be discussed in this paper include, increasing employability of the youths, creation of work opportunities for young individuals while still in school, supports the livelihood efforts of the youths, handle the barriers for accessing the labor market, help youth access job opportunities and target youths as they complete schools. Thus, this paper will discuss the cause and solution to the unemployment and lack of economic opportunity.

Graham, L., & Mlatsheni, C. (2016). Youth unemployment in South Africa: Understanding the challenge and working on solutions. 90-172.

The article states how youth unemployment and lack of economic opportunities can be addressed. The resource holds that in order to address the unemployment issue is to enhance employability of the youth. Employability has to do with making them more marketable while looking for the jobs. Elements such as learner-ship entrepreneurship development initiatives, short term skills development programs and service programs enable youths to be more attractive on the job market. Learner-ship helps the youth to learn on job while gaining more experience from the employer. The education system is supposed to producer the required skills on the market. It is unlikely to mention that the labor market will have to absorb the unskilled labor. Another important solution the article mentions is to enhance the demand for the youth employment. Other important solution to limit unemployment includes strengthening support for the youths who did not access post-secondary education, creation of work opportunities for young individuals while still in school, supports the livelihood efforts of the youths, handle the barriers for accessing the labor market, help youth access job opportunities and target youths as they complete schools.

Smeeding, T. M. (2016). Multiple barriers to economic opportunity for the “truly” disadvantaged and vulnerable. RSF: The Russell Sage Foundation Journal of the Social Sciences, 2(2), 98-122.

The journal ascertains that the resource level separating the rich from the poor has been magnified since the inequality generation was born in the 1980s. As a result the mobility of the children of the bottom quartile has henceforth fallen since 1980s and the return to education has strengthened the difference among the bottom and top of family income distributions. The article also indicates that in order to attain upward mobility the policies and opportunity should be created to reduce unemployment and increase economic opportunities such as quality education to every child in the country. Employment opportunities musty are created both private and public sectors. In order to increase economic opportunities and unemployment, the multiple obstacle such as low income making youths not to go to quality schools should be removed. The increased set of mechanisms and processes which discourages the economic opportunities and unemployment. Policies made in the country can result to unemployment and limited economic opportunities.

Hällsten, M., Edling, C., & Rydgren, J. (2017). Social capital, friendship networks, and youth unemployment. Social Science Research, 61, 234-250.

The resource looks at how unemployment is the contemporary social issues in various societies. Besides youth having limited access to the information regarding the jobs, they have limited social influence and yet there is brief information regarding the relationship between social capital as well as unemployment risk among the youth population. The article seeks to establish the social capital effect on unemployment risk among the youths. The friendship network can increase employment within the youths but in most cases, youths lack occupational network influence. Social capital tend to be higher among the older people compared to youths because, most of them have spent many years working hence creating important occupational network. Reduced social capital among youths leads to unemployment. Economic opportunities tend to be minimal among youths. Social capital is more improved in older population compared to youths. Only Few youths have privilege of getting friendship network from social media.

Caliendo, M., & Schmidl, R. (2016). Youth unemployment and active labor market policies in Europe. IZA Journal of Labor Policy, 5(1), 1.

The article highlights the cause and foundation of unemployment and low economic opportunities among the European youths. The economic crisis of 2008 has continued to prevail among European countries In terms of low economic opportunities and unemployment. The youths entering labor market are typically considered as to be an at risk population. Youths face higher risk of unemployment contrary to the older employees and are also considered to switch between the state of joblessness working and training. Youths are also more likely to enter precarious form of employment. The major reason for this state of youth is due to their low labor market experience. Between the periods of school-work transmission the labor market entrant tend to learn more about thee abilities they possess and job shopping. During transmission period, the youths tend to have limited economic opportunities at their disposal. At the same time, this period is characterized with higher rate of turnover and joblessness. Organization tends to face high cost of investment as well as lower cost of termination while employing youths.

Nachiappan, S., Hock, K. E., Zabit, M. N. M., Sukri, N. A., Suffian, S., & Sehgar, S. C. (2018). The Analysis of Career Choice Factors and Ways to Address Unemployment Problems among Youths at the Perak State Youth Council. DEVELOPMENT, 7(3).

The article explain show the issue of unemployment has become a sensitive topic and more so among the graduates. The graduates tend to find it hard to enjoy the economic opportunities created in the country. Even scarier the unemployment issue is increasingly become a globalization challenge to both developed and developing nations. Why the government in Malaysia, has tried to reduce unemployment challenges through giving out job opportunities to youths in the government organization, unemployment issue still prevails in the country. The youth are the most vulnerable population segment in this condition. While the group might be the last one to work, the group is always the first one to be laid off due to limited skills and knowledge in their respective field. Therefore the article holds that, the youths should take career choices that should prevent them from regretting in the future. With the dynamic changes in the economic opportunities presented to youths, youths should make the right career choices that align with the trending opportunities on the job markets.

Fox, L., Senbet, L. W., & Simbanegavi, W. (2016). Youth employment in Sub-Saharan Africa: challenges, constraints and opportunities. Journal of African Economies, 25(suppl_1), i3-i15.

The resources analyze how unemployment and lack of economic opportunities negative affect the African youths. Increased cohort of the youths entering labor force is the best educated one the other part of the world have ever seen and its beyond doubt that Africa is realizing the best performance growth in a decade however, the jobs remains elusive in most of the formal wage industries. The lack of economic opportunity including failure of African country to transform from low productivity agriculture to higher productivity non-agricultural sectors. Additionally, higher fertility rate and the low infant mortality have led to less employment opportunities or structure of unemployment not changing at all. As a result of the large number of the youths entering labor market every year as well as weak structural transformation of the economies in Africa the informal sector remain the primary employers of youths more specifically the less skilled and educated.