relationship of unemployment + economic growth (1 Viewer)

[aditya]

unemployment and economic growth, could someone please outline the factors... if ur feeling lazy, then could u just point them out?

thank u

 

[i-color]

what do u mean by factors?...

 

[George W. Bush]

Higher economic growth -> more employment required -> reduced umemployment

and visa verca

 

[aditya]

well... lol... the thing is i have a class essay on the relationship between ecnomic gorwth and unemployment, its a stimulus based task, so figures will be given and i guess we ahve to intepret them, or more or less explain trends behaviours at certain rates of ecnomicgrowth/unemployment...

so are there are anypoints which aren't written in plain balck in white in text books, any harder concepts which may apply here?

thats basically wat i wanted to know, sorry for any confusion


the main point of it is most likely the RELATIONSHIP betwen the two

 

[George W. Bush]

it's a rather simple concept, growth = more jobs. While things become a little more complex with the overseas sector e.g. 'jobless' economic recovery in the USA, I'm almost certain that this would go beyond the focus of the syllabus. For your task, you'll probably be given a table with economic growth and unemployment figures in Aust over the past decade or so, and while explaining the relationship you'll refer to economic conditions at the time and their effect on unemployment.

 

[aditya]

oh thanks bush

 

[iwantnotes&stuf]

just look at the strong economic growth in the 1990's and the fall in unemployment from 11% in '92 to whatever it is now

it would probably be helpful to talk about the rise in productivity - which has kept unemployment levels above the 70's
i dont know where to get these figures from but =l

 

[aditya]

thanks

 

[tWiStEdD]

If you want 'figures' then approximately 50,000 jobs are created for every 1% of growth. Over the past decade, as i'm sure you are all aware, Australia has experienced about 4% growth in GDP per annum. We have, however, been experiencing natural population growth which keeps the unemployment rate in balance. You'll notice that (according to the papers), unemployment rates are trending downwards, hand in hand with growth figures.
Perhaps you can incorporate that into your understanding... economics markers LOVE statistics.

 

[aditya]

wwo thats an interesting one... thanks for that.. and yes i think they do as well

 

[Sarah168]

here is a good recent summary of eco stats

http://www.leadingedgeeducation.com.au/whatsnew/figures.html