keynesian economics
NAME: Firdausi Ali
COURSE: NCUK/IFY
MODULE: Economics (coursework 2)
DATE GIVEN: 10th February, 2013
DATE TO BE SUBMITTED: 02nd March, 2013
TUTOR: Mr. Lawal G. and Mr. Adedeji
QUESTION
Keynesian solution to unemployment was higher public spending which through the multiplier process would generate income and more jobs. Explain how this solution works and are there other solutions to the problem of unemployment?
INTRODUCTION
The world is facing a serious problem of unemployment it has become a major disturbance to the growth of the economy. In the world Libya is noted to have the highest rate of unemployed citizens.
In Nigeria we have the problem of unemployment it has become a major problem. Unemployment Rate in Nigeria increased to 23.90 percent in 2011 from 21.10 percent in 2010. Unemployment Rate in Nigeria is reported by the National Bureau of Statistics. From 2006 until 2011, Nigeria Unemployment Rate averaged 14.6 Percent reaching an all time high of 23.9 Percent in December of 2011 and a record low of 5.3 Percent in December of 2006. In Nigeria, the unemployment rate measures the number of people actively looking for a job as a percentage of the labour force. John Maynard Keynes who was once a student of Alfred Marshall introduced what he thought would completely solve the unemployment problem which is called the Keynesian unemployment, from the 1930’s to 1970’s government tended to follow the Keynesian policy on how to control the economy and because the need for the solution to unemployment was essential UNEMPLOYMENT
Unemployment can be expresses either as a number (e.g. 1.5million) or as a percentage (e.g. 5per cent). But we should consider the group of people who are out of jobs which are those of working age who are without work, but who are available for work at current wage rates or unemployment could be known as the number of people who are lacking jobs. Keynesian economists think that in recessions a
COURSE: NCUK/IFY
MODULE: Economics (coursework 2)
DATE GIVEN: 10th February, 2013
DATE TO BE SUBMITTED: 02nd March, 2013
TUTOR: Mr. Lawal G. and Mr. Adedeji
QUESTION
Keynesian solution to unemployment was higher public spending which through the multiplier process would generate income and more jobs. Explain how this solution works and are there other solutions to the problem of unemployment?
INTRODUCTION
The world is facing a serious problem of unemployment it has become a major disturbance to the growth of the economy. In the world Libya is noted to have the highest rate of unemployed citizens.
In Nigeria we have the problem of unemployment it has become a major problem. Unemployment Rate in Nigeria increased to 23.90 percent in 2011 from 21.10 percent in 2010. Unemployment Rate in Nigeria is reported by the National Bureau of Statistics. From 2006 until 2011, Nigeria Unemployment Rate averaged 14.6 Percent reaching an all time high of 23.9 Percent in December of 2011 and a record low of 5.3 Percent in December of 2006. In Nigeria, the unemployment rate measures the number of people actively looking for a job as a percentage of the labour force. John Maynard Keynes who was once a student of Alfred Marshall introduced what he thought would completely solve the unemployment problem which is called the Keynesian unemployment, from the 1930’s to 1970’s government tended to follow the Keynesian policy on how to control the economy and because the need for the solution to unemployment was essential UNEMPLOYMENT
Unemployment can be expresses either as a number (e.g. 1.5million) or as a percentage (e.g. 5per cent). But we should consider the group of people who are out of jobs which are those of working age who are without work, but who are available for work at current wage rates or unemployment could be known as the number of people who are lacking jobs. Keynesian economists think that in recessions a