The structural unemployment in the Bahamas
Tourism and banking which are the Bahamas’ primary and secondary industries are owned by foreign sectors, the gross domestic product is at $3065130000 and total household income is at $1793372500. The Bahamas suffers from Dualism which is the doctrine that reality consists of two basic opposing elements, often taken to be mind and matter (or mind and body), or good and evil. There should be a dualism by types of ownership whether a foreign sector or Bahamian sector. If owned by Bahamians it should cater to the Bahamian people, there should be a low wage level, shouldn’t require a high level of education, there should be a reasonable high elasticity of demand for labour, a low level of technology and unsophisticated operations. The Bahamian sector would include restaurants, bars, barber shops, vender for fruits/vegetables, farmers, fishermen and local manufacturers. If owned by the Foreign earning would be tied directly to foreign businesses, education level would be high, wages would also be high, elasticity of demand for labour would be inelastic. The Foreign sector would include banks, hotels, law and accounting firms and other businesses that would benefit from foreign investments.
structural unemployment can be reduced by providing government training programs to the structurally unemployed, paying subsidies to firms that provide training to displaced workers, helping the structurally unemployed to relocate to areas where jobs exist, and inducing prospective workers to continue or resume their education.
The term business cycle (or economic cycle) refers to economy-wide fluctuations in production or economic activity over several months or years.
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