The Economics of Unemployment

Abstract

Economics is the science that studies the laws of supply and demand within a country's economy. For hundreds of years, economists have debated the issue of unemployment and its impact on a country's economy. The arguments have given rise to several schools of thought regarding how governments and policymakers should react when their workers cannot find jobs that pay decent wages. The arguments have also led to the formation of new countries and the reconstruction of others. This literature review used a systematic approach to review selected and representative studies, theoretical papers, and economic reports to answer the research question: Why are so many Americans unemployed? The authors based their methodology on Cooper's Taxonomy for Literature Review to provide a synthesis of the literature to uncover new perspectives and build a framework of the literature. The findings infer investments in job training programs to close skills gaps are not a form of public welfare. Such expenditures would be an investment