17 European unemployment The evolution of facts and ideas is a paper written by Blanchard (2005). The purpose of this paper is to review the developments, both on the unemployment
and the theory fronts, and gives an assessment of where we are today. The social consequences of unemployment written by McClelland (1998) is mentioned that the personal and social costs of unemployment include severe financial hardship and poverty, debt, homelessness
and housing stress, family tensions and breakdown, boredom,
alienation, shame and stigma,
increased social isolation, crime, erosion of confidence and self-esteem, the atrophying of work skills and ill- health. Unemployed people report that being unemployed is one of the worst things that can happen to them (White 1991). Economic growth and the unemployment rate is a paper written by Levine (2013) who is a specialist in the labor economics. In this paper is mentioned that a persistently high unemployment rate is of concern to Congress
fora variety of reasons, including its negative consequences for the economic well-being of individuals and its impact on the federal budget. After most postwar recessions, it took at least eight months for the unemployment rate to fall by one full percentage point.
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