Economics of Unemployment

Paper Summary:

This research paper which analyzes "An Examination of the Economics of Unemployment According to John Garraty," introduces the topic, provides a summary of the book, followed by a discussion of its main points and how they relate to labor unions today. A summary of the analysis is provided in the conclusion and a works cited page follows.

From the Paper:

"Most people in America hate to be unemployed. Unemployment means a lack of security and threatens the well-being of the family, and when it reaches the levels experienced during the Great Depression, it can actually threaten the stability of an entire society. We have created several euphemisms for this condition to avoid actually having to say "unemployed." "I'm between jobs," we'll say, or "I'm on a career-improvement search." Garraty says in the ancient world, the concept of unemployment did not exist and that while the concept of "unemployment" has been studied throughout history, "for the phenomenon certainly existed," the English word "unemployment" only came into general use in the mid-1890s, with terms such as "want of employment" and "involuntary idleness" being used prior to that time (4). While the social programs developed during the last half of the 20th century have provided a measure of support for those people who find themselves out of work for one reason or another, the problem continues to characterize some segments of the population today and the author says it continues to present a challenge to the Western world."

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