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Generation Jobless By: Brittany Carter, Jamey Cattran, Lara Demirjian, Claire Bouret
Summary • Youth unemployment around the world is rising. • Companies know they need to train youth, but it is more expensive. • This is effecting countries all over the world, mostly in countries with rigid labor markets. • The only way that young people will be able to find jobs is if companies change their attitudes toward them.
Key Points • The youth around the world are struggling to find jobs. • Companies claim todays youth is under qualified. • Tackling Youth Unemployment: • deregulate labor markets • expanding study of science and technology • closing gap between education and work • Two factors play a big part in youth underemployment: • not enough demand for labor • it is easier to keep older, trained employees
Stats • 26 million 15 to 26 year olds are unemployed in developed countries. • The number of young people without a job has risen 30% since 2007. • 75 million young people worldwide are looking for a job. • World Bank survey suggests that 262 million young people in emerging markets are economically inactive.
How does this relate to Econ? • Business Cycle: Once the older workers retire we will have a shortage of trained workers. • Supply and Demand: With more young people on the streets poverty is rising, which will affect the demand of certain and indirect goods.
Discussion Questions • In less than ten years we will all be young adults in the workforce; how do you feel about youth underemployment and companies attitudes towards young people? • besides the ways we mention, what do you think is a good way to decrease the amount of unemployed youth?