SMALL AND MEDIUM SCALE ENTERPRISES AND THEIR ROLE IN UNEMPLOYMENT REDUCTION
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- 1-5 Chapters
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- NGN 5000
EXCERPT FROM THE STUDY
Unemployment is widely regarded as a manifestation of fundamental microeconomic disequilibrium. What is debatable, however, is the proper conceptualization of the subject matter. Much debate over the definition of unemployment centered on the distinction between "voluntary" and "involuntary" unemployment. Voluntary unemployment is said to exist when people refuse to work or accept jobs for which they are qualified at the going wage rate and conditions, most likely because they have other means of support. Involuntary unemployment, on the other hand, occurs when people are unable to find work/jobs for which they are qualified, even if they are willing to accept lower real wages or poor employment conditions than similarly qualified workers who are currently employed (Anyanwu & Oaikhena, 2015). The International Labour Organization (ILO) defines the unemployed as members of the economically active population who are unemployed but available for and seeking work, including people who have lost their jobs and those who have voluntarily left work.
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