Unemployment in the Recent Recession: A Comparison of Cyclical and Marxian Theories
The recent (or ongoing) recession has affected the entire globe, though some countries have been harder hit than others. In the United States, unemployment hit higher levels than it has seen in quite some time -- more than doubling at the depth of the recession in 2010 from its pre-recession low (in the current decade) in 2006 and 2007 (USBLS, 2012). Understanding unemployment during a time when money is tight and business is slow might seem easy ("it's the economy, stupid!"), but there are actually many competing or alternate theories of unemployment. At times these theories come into direct conflict with each other, with different explanations offered for the same set of circumstances or trends, yet this does not necessarily mean that different theories or types of unemployment are mutually exclusive -- some are just applicable to specific circumstances. The following pages describe two types of unemployment, cyclical unemployment and Marxian unemployment, and explain how the higher unemployment experienced in the current recession is clearly the result of the former, with reference to personal impact and to relevant literature.
Understanding Unemployment(s)
Before unemployment in the current recession can be explained, an understanding of the two types of unemployment discussed must be developed. Cyclical and Marxian unemployment are not at all alike, but they are also not mutually exclusive and either could be applicable at different time. Neither concept is especially complex, either, but both have profound implications on the way the world functions.
Marxian unemployment, as the name clearly...
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