Discuss the Types of Unemployment and the Benefits of Controlling It In the UK Essay Example for Free

Discuss the Types of Unemployment and the Benefits of Controlling It In the UK Essay Unemployment is the number of people out of work who are actively seeking employment at the current wage rates. To be actively seeking work you must be of working age: 16-64 for males and 16-59 for females and not economically inactive. That means you cannot be in full time education, be on a training scheme, have retired early or be raising children at home. To measure unemployment in the UK the government uses two methods to quantify the rate. The first is the Labour Force Survey, in a monthly survey of a sample of households representing the entire population. The surveys are based on the activities of each person of working age in the households, within a one week period. A person who did any work during that week for pay or profit, worked 15 hours or more as an unpaid worker in a family business, or had a job from which he or she was temporarily absent, is counted as employed. A person who was not working but was looking for work or was on a temporary lay-off and available to take a job is counted as unemployed. The second is the claimant count, where the governments collect figures on the number of people claiming unemployment benefits from the DSS. This second method often gives lower values as they is likely to be many people who do not except the benefits, purely on principal or because they do not need the extra cash. There are five main types of unemployment which all affect the economy in different ways. These are cyclical or demand deficient unemployment, frictional unemployment, seasonal unemployment and structural unemployment. The first of these, cyclical or demand deficient unemployment is based around what will happen to demand in a recession. When the economy goes into a recession there is a rise in unemployment as there is insufficient demand within the economy. This is really only a short term cause to unemployment, because when in recession the economy is in disequilibrium. However macroeconomic forces will work to restore the economy to its long run equilibrium, however in the short run there will be unemployment. In a recession the demand curve will shift left to D2. With the wage rate remaining constant at W in the short term there will be unemployment of GE created. In response macroeconomic forces will cause one of two changes. Either the economy will move out of recession, causing the demand curve to shift right and back to the equilibrium point of W , E. Else if the economy stays in recession the forces will cause the wage rate to drop to Y and cause the number of workers employed to rise to F. However as the economy moves out of recession the demand curve will shift right, causing the economy to move back towards its equilibrium at W , E. The second types of unemployment, frictional unemployment is the term used to define workers who have recently lost a job and are in short term unemployment until they find further employment. There is always turnover of labour in a free market, so frictional unemployment is not regarded as a major problem. Seasonal unemployment is when workers work within an industry that only requires them to be employed at certain times of the year. For example in the tourist industry workers tend to work in the summer, but are then laid off in autumn months before taking up their jobs again the next spring. There is very little that can be done to prevent seasonal unemployment in a market where the demand for labour varies throughout the year. Structural unemployment is when the demand for labour is less than the supply in an individual labour market. There are three main examples of this. Regional unemployment, where different areas of the country have different rates of unemployment and because of a lack of factor mobility, labour is not able to freely move between regions and balance unemployment. Sectoral unemployment is when workers from one industry are unable to adapt to a different industry, therefore not being able to follow the changes in demand. Finally if technological unemployment, where technology advances and replaces manual labour, therefore without retraining workers would not have the skills to operate these machines and therefore would not be suitable for the demand of labour. Controlling the rate of unemployment in the UK is going to be a key element in the performance of the UK economy. The rate of unemployment is directly related to real GDP. So in both the short run and the long run if the economy is to grow then unemployment most be controlled. The rate of unemployment will also determine the kind of policy the government will have in place to boost the economy, although this is also based on the type of government in power. The current labour government are Keynesian economists and believe that in the long run there may be mass unemployment. They also use fiscal policy, which is a demand side policy. So their economic goals will depend a lot on the long term unemployment levels that are predicted. If the government are predicting a period of sustained unemployment they are likely to be aiming at lowering inflation. Whereas if they predict full employment they can aim for increased GDP. Because of the shape of the long run aggregate supply curve, both these goals can be achieved without altering any other elements of the economy. To lower inflation the demand function would need to be shifted left. This could be achieved by an increase in the National Insurance contributions of workers. This would cause more of peoples income being taken in taxation leaving them with less money to spend on goods and services, which would cause a decrease in the total demand in the economy. To help increase economic growth the total demand in the economy would need to be increased. This would need a shift left in the demand function, which could be caused by a fall in interest rates. This would cause more people to borrow money and less to save, leaving more money in the economy which will increase the demand for goods and services. If unemployment can be kept low then the costs of unemployment are minimised as well. Not only do the government have to spend less on unemployment benefits but also have less trouble with crime and vandalism, which will also save them valuable money. Also everyone will have more money to spend, not only the previous unemployed, but also previous taxpayers as the government will require less money from them. This will increase total money in the economy and cause the aggregate demand to shift right, which will cause the growth of the economy to increase. So sustainable unemployment is good for the economy as it enables the government to set goals and work towards them around the long term predictions for unemployment rates. This is only an option if unemployment is kept in a boundary. Else if it is too fluctuated then it is hard to judge what the government will need to do from one day to the next. However controlling unemployment may not always be a good thing. For example because unemployment is directly related to economic growth, if you are controlling unemployment then you are also controlling economic growth. This will not be a good thing as the economy is at its most efficient when economic growth is climbing at a rate constant to the economy, not controlled by the government.

My Miracle :: Personal Narrative Writing

My Miracle "Dad, I need to go to Hailey's to borrow a shirt for school tomorrow," I shouted from the back room. It had been a hard week for me. My cheerleading squad was preparing for a performance, and we had been practicing before and after school. While I waited for an answer from my dad, the game show, "Who Wants to be a Millionaire," sounded in the background. "Dad, I am going to run to Hailey's real quick," I repeated my shout. A reply came: "It's snowing pretty hard, wait for my show to end and I will take you. I am on my way to the store anyway." I looked out the window to see snow coming down pretty heavy. On any other day, I would have argued to leave right away, but for some reason I didn't argue. Ten or fifteen minutes later, however, I decided I really needed to go. I said, "Mom just take me, I have a lot of stuff to do tonight." My mom said she didn't want to drive on the bad roads. "Wait for your dad," she told me. So I waited. Finally, the show ended and we were on our way out the door. The roads were slippery and the snow was coming down hard. I looked out the windows of the car and in my mind, I heard my mom reminding me to slide the seat away from the dashboard. I chuckled to myself that a seventeen-year old would be too small to sit with an airbag, but I was. As I slid the seat back, my dad asked, "Cara is your seat belt on?" I fastened my seat belt and stared at the snow. It was a peaceful night; it felt quiet and serene. It felt good to have a few minutes of alone time with my dad. We were lost in conversation, and before I knew it we were in front of Hailey's house. I ran in and waved goodbye to my dad. I found the shirt I wanted, and played a game with Hailey and her sisters while we waited for my dad. We joked about my mismatching outfit that consisted of doctor scrubs, a football sweatshirt, and snow boots. While we were laughing, I noticed the headlights in the driveway and hurried out. I excitedly explained the game we had played to my dad as we drove away from Hailey's house.

Depreciation and Vital Spark Essay

p. 182The New Economy Transport Company (NETCO) was formed in 1955 to carry cargo and passengers between ports in the Pacific Northwest and Alaska. By 2008 its fleet had grown to four vessels, including a small dry-cargo vessel, the Vital Spark. The Vital Spark is 25 years old and badly in need of an overhaul. Peter Handy, the finance director, has just been presented with a proposal that would require the following expenditures: Mr. Handy believes that all these outlays could be depreciated for tax purposes in the seven-year MACRS class. NETCO’s chief engineer, McPhail, estimates the postoverhaul operating costs as follows: These costs generally increase with inflation, which is forecasted at 2.5% a year. The Vital Spark is carried on NETCO’s books at a net depreciated value of only $100,000, but could probably be sold â€Å"as is,† along with an extensive inventory of spare parts, for $200,000. The book value of the spare parts inventory is $40,000. Sale of the Vital Spark would generate an immediate tax liability on the difference between sale price and book value. The chief engineer also suggests installation of a brand-new engine and control system, which would cost an extra $600,000.15 This additional equipment would not substantially improve the Vital Spark’s performance, but would result in the following reduced annual fuel, labor, and maintenance costs: Overhaul of the Vital Spark would take it out of service for several months. The overhauled vessel would resume commercial service next year. Based on past experience, Mr. Handy believes that it would generate revenues of about $1.4 million next year, increasing with inflation thereafter. But the Vital Spark cannot continue forever. Even if overhauled, its useful life is probably no more than 10 years, 12 years at the most. Its salvage value when finally taken out of service will be trivial. p. 183 NETCO is a conservatively financed firm in a mature business. It normally evaluates capital investments using an 11% cost of capital. This is a nominal, not a real, rate. NETCO’s tax rate is 35%. QUESTION 1. Calculate the NPV of the proposed overhaul of the Vital Spark, with and without the new engine and control system. To do the calculation, you will have to prepare a spreadsheet table showing all costs after taxes over the vessel’s remaining economic life. Take special care with your assumptions about depreciation tax shields and inflation. New Economy Transport (B) There is no question that the Vital Spark needs an overhaul soon. However, Mr. Handy feels it unwise to proceed without also considering the purchase of a new vessel. Cohn and Doyle, Inc., a Wisconsin shipyard, has approached NETCO with a design incorporating a Kort nozzle, extensively automated navigation and power control systems, and much more comfortable accommodations for the crew. Estimated annual operating costs of the new vessel are: The crew would require additional training to handle the new vessel’s more complex and sophisticated equipment. Training would probably cost $50,000 next year. The estimated operating costs for the new vessel assume that it would be operated in the same way as the Vital Spark. However, the new vessel should be able to handle a larger load on some routes, which could generate additional revenues, net of additional out-of-pocket costs, of as much as $100,000 per year. Moreover, a new vessel would have a useful service life of 20 years or more. Cohn and Doyle offered the new vessel for a fixed price of $3,000,000, payable half immediately and half on delivery next year. Mr. Handy stepped out on the foredeck of the Vital Spark as she chugged down the Cook Inlet. â€Å"A rusty old tub,† he muttered, â€Å"but she’s never let us down. I’ll bet we could keep her going until next year while Cohn and Doyle are building her replacement. We could use up the spare parts to keep her going. We might even be able to sell or scrap her for book value when her replacement arrives. â€Å"But how do I compare the NPV of a new ship with the old Vital Spark? Sure, I could run a 20-year NPV spreadsheet, but I don’t have a clue how the replacement will be used in 2023 or 2028. Maybe I could compare the overall cost of overhauling and operating the Vital Spark to the cost of buying and operating the proposed replacement.† QUESTIONS 1. Calculate and compare the equivalent annual costs of (a) overhauling and operating the Vital Spark for 12 more years, and (b) buying and operating the proposed replacement vessel for 20 years. What should Mr. Handy do if the replacement’s annual costs are the same or lower? 2. Suppose the replacement’s equivalent annual costs are higher than the Vital Spark’s. What additional information should Mr. Handy seek in this case?

The Career Of Orthopedic Surgery - 1692 Words

The career of orthopedic surgery is of utmost importance to the entire medical field and health in general. Orthopedic surgery is the field of medicine involving the rearrangement, repairing, and mending of bone marrow and skeletal structures within the human body. Normally, students pursuing a career in orthopedic surgery must complete a vigorous, extensively designed course of education needed for certification. Once finished with education, orthopedic surgeons will have completed approximately 14 years of formal education. This career choice comes with vigorous requirements; extensive preparation is required before a student may encounter any patients. The practice of orthopedic surgery is certainly a career choice that deserves†¦show more content†¦These specialists help improve people’s quality of life; they help people live their lives to the fullest. Such an important career requires a great deal of education; there are many prestigious schools that have progra ms for orthopedic surgery. There are hundreds of colleges around that nation that have programs designed to instruct future orthopedic surgeons. The University of Virginia is ranked as one of the top thirty medical schools in the United States. David Craig states in an article describing the orthopedic residency program, â€Å"With more than 70 years of proven history, we are established as a national and international leader in providing outstanding patient care, medical education, and musculoskeletal research.† Clearly, the orthopedic program at the University of Virginia is well-renowned. One of the most favorable benefits of attending medical school at the University of Virginia is the â€Å"state-of-the-art musculoskeletal research, methods, and procedures† used throughout the program (Craig). The average cost of four years of undergraduate education without financial aid at the University of Virginia is $122,288 (Craig). The average overall cost of in-state tuiti on for medical school without financial aid is $288,908 (Rector and Board of Supervisors). The University of Virginia offers several different scholarships to which scholars can apply; of these is the Fellowship foundation, designed for medical school students. AsShow MoreRelatedA Career in Orthopedic Surgery1429 Words   |  6 Pageslack of freedom and ability. It is an orthopedic surgeon’s job to bring function to one’s life even if they have never been granted movement without restraint before. Orthopedic surgeons receive patients whose freedom of movement have been compromised and then return it back to them. Orthopedic surgeons give immeasurable opportunities and life experiences back to their patients because of their perseverance and commitment to their patients and careers. 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