I can understand why in undeveloped ones, but doesn’t unemployment in a developed country mean “everything is covered we literally can’t find a job for you.”?
Shouldn’t a developed country that indeed can’t find jobs for its citizen also have the productivity to feed even the unemployed? is the problem just countries not having a system like universal basic income or is there something else going on here?
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Australia used to have a policy of full employment but that changed in the 70s when politicians decided they could use unemployment as a means of reducing inflation. If the population has less money to spend, the cost of goods and services must come down and the dollar will be worth more. Hense, after this period the employment services were privatised and social welfare was kept below the poverty line. I’m not sure which other countries maintain this policy but I know a lot of western economists are discussing the need for 5-10% unemployment over the next 5 years to curb inflation now.
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