The paper addresses the economic problems of unemployment and inflation. Literature is reviewed on the methods of evaluating the rate of inflation and unemployment in an economy, the types of unemployment, the theories of demand-pull inflation and cost-push inflation, the Philips Curve, the Keynesian theory, monetary and fiscal policy, etc.
The paper examines the effects of establishing a minimum wage from a microeconomic point of view, arguing that minimum wages lead to a situation of unemployment, and analysing the consequences of unemployment in the economy.
The paper examines the effects of migration from Eastern Europe on the UK labour market discussing free admission for A8 employees as part of the Government's Managed Migration policy designed to fill vacancies in skilled and low-waged occupations. Employment statistics for A8 workers since May 2004 are discussed addressing the issues of the future social costs.
The paper examines the concept of unemployment addressing the issues of unemployment rates, unemployment benefits, sources of unemployment, unemployment statistics, Government policies towards unemployment, etc.
The paper examines the effects of the minimum wage legislation in the UK reviewing related economic literature and exploring the relationship between minimum wage, unemployment and labour productivity.
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