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Unemployment The problem of unemployment is one of the most serious long-term economic problem challenges in the past decades. Unemployment is a major cost to the economy not just in the terms of lost production, but it also involves major, long-term social cost such as increased inequality, poverty, family problems, crime and social division. One of the major economic debates of recent decades has been what should be done in order to reduce unemployment. There are major differences of opinion among economists about both what has caused the increasing level of unemployment during recent years, and what policies that might be used to reduce unemployment in the years to come. There are many explanations and arguments offered by economists, including: - Wage rates are too high - Job losses are an inevitable result of new labour saving technologies. - People do not have the opportunities for training and education. - Economic growth is too low to...

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