Unemployment: The Social and Economic Impact Analytical Essay by Master Researcher

The paper analyzes the economic and social impact of unemployment on the individual and the society as a whole. The paper explains that employment is socially significant because, particularly in the Western culture, a full-time permanent job has been the basis of the process of social integration and the main source of life-security and social identity. The paper then discusses how aside from the financial hardship, the unemployed are likely to suffer psychological harm, stress, social exclusion and disruptions in family life. Furthermore, the paper reveals that high unemployment contributes to higher suicide rates, increases mortality, increases the crime rate and is exacerbated racial, ethnical and gender inequality.