The International Labour Organization (ILO) defines "unemployment" or "joblessness" as the state of being without a job for at least four weeks while having actively sought employment. Unemployment rates are calculated by dividing the number of currently unemployed individuals by the population of the current workforce.
Business Week reported in 2011 that ""More than 200 million people globally are out of work, a record high, as almost two-thirds of advanced economies and half of developing countries are experiencing a slowdown in employment growth." What precisely causes this, the regular and necessary consequences, and the most suitable means of resolving the dilemma are wildly contested.
Classical economic theory would rely on the mechanisms which drive the open market as the best means of resolving the problem and so would shy away from outside intervention by way of unions, legislation, taxation, and other government regulation. Keynesian economics would rely more strongly on the seemingly cyclical pattern of this and so would stress the importance of regular intervention, especially approaching and during periods of recession, in order to allay the difficulties which arise during periods of this. These interventions generally fall to the government and include especially financial stimuli and job creation which is publicly funded. The Georgists also recognized the cycles of supply shock the attendant reduction in demand for workers more than half a century before Keynes, but they emphasized the role of land speculation.
While the economic factors contributing toward employment are widely debated, its effects are not. Unemployment can be disastrous to a person's mental, physical, and financial well-being. Firing and terminations are not a decision to be made lightly if you are in management or Human Resources, and should be weighed against all other available options. If you are seeking employment and having a difficult time psychologically, be sure to consult a professional.
The most likely immediate association that "job security" is likely to suggest is continuity of employment-knowing that one's job won't suddenly disappear. However, on reflection, it is obvious that, while necessary, this is not enough to make anybody feel secure about any job held.
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