It is a review on how the micro, small and medium scale enterprises MSMEs have contributed to the economic growth in Nigeria, African and other countries of the world. This is because the government offers a wealth of data and information about businesses, industries and national economic situations.
Share Unemployment is universally recognized as a bad thing. While economists and academics make convincing arguments that there is a certain natural level of unemployment that cannot be erased, elevated unemployment imposes significant costs on the individual, the society and the country.
Worse yet, most of the costs are of the dead loss variety where there are no offsetting gains to the costs that everyone must bear.
Depending on how it's measured, the unemployment rate is open to interpretation. Learn how to find the real rate. Check out The Unemployment Rate: The Costs to the Individual The costs of unemployment to the individual are not hard to imagine.
When a person loses his or her job, there is often an immediate impact to that person's standard of living.
Prior to the Great Recession, the average savings rate in the U. That means these people are consuming far less than usual. The economic consequences can go beyond just less consumption, though.
Many people will turn to retirement savings in a pinch and draining these savings has long-term ramifications. Prolonged unemployment can lead to an erosion of skills, basically robbing the economy of otherwise useful talents.
On a similar note, the absence of income created by unemployment can force families to deny educational opportunities to their children and deprive the economy of those future skills.
Last but not least, there are other costs to the individual. Studies have shown that prolonged unemployment harms the mental health of workers, and can actually worsen physical health and shorten lifespans. Costs to Society The social costs of unemployment are difficult to calculate, but no less real.
When unemployment becomes a pervasive problem, there are often increased calls for protectionism and severe restrictions on immigration. Protectionism can not only lead to destructive tit-for-tat retaliation among countries, but reductions in trade harm the economic well-being of all trading partners.
Other social costs include how people interact with each other. Studies have shown that times of elevated unemployment often correlate both with less volunteerism and higher crime.
Elevated crime makes sense because absent a wage-paying job people may turn to crime to meet their economic needs or simply to alleviate boredom.
The volunteerism decline does not have an obvious explanation, but could perhaps be tied to the negative psychological impacts of being jobless or perhaps even resentment at those who do not have a job. Costs to the Country The economic costs of unemployment are probably more obvious when viewed through the lens of the national checkbook.
At the same time, those governments are no longer collecting the same levels of income tax as before - forcing the government to borrow money which defers the costs and impacts of unemployment into the future or cut back on other spending perhaps exacerbating the bad economic situation.The Office of the Under Secretary provides timely economic analysis, disseminates national economic indicators and serves as the administrator of the department’s premier statistical programs.
OUS/EA manages the U.S. Census Bureau (Census), the Bureau of Economic Analysis (BEA) and the Office of the Chief Economist (OCE).
Since spending and taxes are controlled by the president and the Congress, these elected officials played a leading role in directing the economy. A period of high inflation, high unemployment, and huge government deficits weakened confidence in fiscal policy as a tool for regulating the overall pace of economic activity.
Instead, monetary policy—controlling the nation's money supply through such . Government's Role In The Economy While consumers and producers obviously make most decisions that mold the economy, government activities have at least four powerful effects on the U.S. economy. Steven Terner Mnuchin was sworn in as the 77th Secretary of the Treasury on February 13, As Secretary, Mr.
Mnuchin is responsible for the U.S. Treasury, whose mission is to maintain a strong economy, foster economic growth, and create job opportunities by promoting the conditions that enable prosperity at home and abroad. Understanding the economy, government and the roles of individUals Those advocating for an active role for government in shaping economic policy are operating at a challenging inter-.
Mar 06, · Role of foreign trade in economic development. Pakistan also exports a lot of agricultural product to other countries and imports the capital goods from other countries.
Therefore, it is not wrong to say that economic development of a country depends of foreign trade.