Unemployment under COVID ‘19

Unemployment under COVID ’19 – How to mend Economics system to heal Social disruption

Fida Muhammad

An interesting supposition: From a scientific point of view, every tested phenomenon has always needed an eye of observation. Every aspect of it is hidden in the experimental process. Thus, it might be a socio-economic problem or psychological issue. All phenomena can be tested on a scientific basis and empirical based conclusions can be drawn. Therefore, the current epidemic of coronavirus, which has encircled all aspects of human life, has at the same time severely affected social values and norms. The resplendent blood relationships bestowed by the nature, which are being licked like termites by materialism and depositing values of the past traditions are being sacrificed to the Emirateism. In this case, the recent epidemic which The God’s vicegerent deems as a source of torture and destruction is likened to an inflicted punishment by nature, oh, it is fantasy, but it is beyond the principles of expediency.

If we look at the day-to-day affairs in our routine life, the people who used to set out in the early hours in the dawn in search of work and the weary losers when they entered the house in the darkness of night did not had enough time to sit for a couple of hours and could spend some spare time with kith and kin, parents or other family members. But now, the matter is that they not only look after the education and care of the children but also take an active part in the unnecessary household chores. Therefore, it should not be a shame to admit that social distances have exposed the growing alienation which, now has infused the pleasant feeling of acquaintances, and the renewed sense of distance in relationships has breathed an incredible spirit into the lives that has perfumed the atmosphere of change in lifestyle.

One side of the coin: In the election manifesto each party has a catchy slogan of jobs creation and elimination of unemployment in order to gain public mandate in the electoral process. But at very times, governments are unable to put this appealing slogan into practice.

To fulfill their promises, the present government body is still being looking failed in this regard. However, any effort at the government level to expose the hidden realities behind it and give fruitful results to the people is tantamount to indifference. The question here is asked, is it the job of governments to unlatch doors of employment and create new jobs? If the response with ‘yes’, then the economic growth would be in a state of turmoil, as a result of which the political arena will continue to resonate with the traditional slogans. However, the primary responsibility of governments is to develop policies that will truly eliminate economic instability in order to relieve their public out from the situation of uncertainty.

To overcome on the prevailing inequalities among the societies and to provide a conducive environment for the dignified employment so that social justice could be maintained in the societies on the perpetual grounds. Other side of the coin: In this fast-paced race of science and technology, on the one hand, governments are grappling with a deadly epidemic, and on the other hand, the apprehension of losing jobs has endangered human psyche.

If, God forbid, the situation persists in magnitude or becomes worsened then, in that case, are the present governments and societies mentally or financially prepared to deal with such a situation?

Do they have a system to overcome the economic crisis and unite the social units? Because science has discovered very little to reveal the secrets of nature. It can be very strange to hear, say and see. In these circumstances, only those nations will emerge out whose steadfastness, perseverance, courage and determination will prevail.

Story of the first side of the coin: An average reader and writer would like to know that what are the reasons and motives behind the lacking of jobs which the governments have not been able to make this puzzle sort out possibly yet. Let’s take a look at it.

Economics Pundits believe that a country with a growth rate ranging between 2% and 3% per annum does not fall down its GDP growth and can open up one and half Lakhs new jobs to its people each year. But this is possible as long as the wheel of trade and business cycle goes around. In this context, economists, with their understanding, focus on the supply of goods and services and the principle of aggregate demand in the horoscope of statistics. Here is a sketch of their suggestions what they rely on.

In formulating monetary policy, governments should significantly reduce interest rates on commodities in order to increase aggregate demand, which requires monetary policy to be expansionary-based, will ensure possible economic growth, and resultantly will impact to increase the employment opportunities.

Experts believe that when formulating monetary policy, the business community will get loans on easy terms and at lower interest rates, so that the business industry will have ample opportunity to flourish and exports could be increased. On the other hand, with regard to supply items, experts are considering micro-credit schemes to be promoted. Policies should be formulated to ensure the provision of loans to the unemployed who fall into the categories of frictional unemployment, cyclical unemployment or structural unemployment.

Under either of the category unemployed individual or group should be equipped with entrepreneurship, internship or vocational training skills. In this way, they will be able to meet the necessities of life by joining the ranks of the skilled people of the society. Furthermore, the business unions which are trying to reduce the wages of the working class should be discouraged. However, a policy should be formulated to provide long-term loans on the subsidized rates to the business community so that those could be rehabilitate who are laid off.

But the gist of the whole debate is that individuals should somehow stay connected to the businesses and open up new pathways of businesses for the time being.

It is worth mentioning here that experts look at one side of the coin and, in the light of their suggestions for many reasons and arguments, keep influence on the policy makers and decision making bodies. Albeit of that, whose economics principles are totally against globalization as each country and society has various geographical factors, ground realities, manpower and decision making bodies. Therefore, a policy can be lasting and effective only if it does not curtail the element of globalization.

The other side of the coin: Human rights organizations and other proponents have often advocated for an equality, as well as equity, and have been vocal about providing equal rights to all in all spheres of life. Therefore, it is essential that the aspect of equality in the economic system be established on a strong basis. To maintain social harmony, it is inevitable that the economic system should be brought on new channels so that social values ??could be preserved and social solidarity could be made sustainable. Since the unrestrained addiction to illicit sources of income and profiteering has created instability among the societies under the guise of capitalism. Therefore, it is necessary to harmonize the economic system, under the principles of penalizing or rewarding, of participatory meritocracy.

In order to hollow out social values, stop unfair distribution of wealth and close the endless gap between the rich and the poor, the economic system has to choose new pathways. In fact, the unsatisfactory and unprofitable principles of economic system in the recession period have always been failed to strengthen the business industry and the working class because restricted, interest based and confined attitudes often lead to exploitation.

Keynes who was a proponent of expansionary fiscal policy argued that in recession both capital and labor become idle. Thus, in such a situation, companies and industries begin to lay off workers, as a result of which thousands or even millions of people lose their jobs, directly or indirectly.

The growing trend in the global population suggests that if positive and timely decisions are not made in light of the gravity of the current situation, the near future could be a catastrophe. In terms of current birth and death ratio of 3:1 respectively, it is crystal clear fact that governments, in spite of their best efforts, will fail to revive new business industries, other sources of production and new jobs unless a comprehensive plan is put into place to shape the economic system based on universal principles. It would be pretty helpful to mention few recommendations after identifying the factors causing social disruption.

The fundamental objective of blue and white collar workers, associated with office work and manual labor, is to enhance material development, comfortable environment and bank balance, in addition, to achieving the basic necessities of life. So as development progresses, the necessities of life expand the horizon of extravagances which leads to look for other options of earning.

Eventually, it goes on and efforts are being made to be dependent on other source of income. For example, a part time jobs, an evening duties or partial businesses venture are indulged in routine circle.  Although there is no abomination in doing so, but it affects social behavior, on one hand, and it creates a feeling of imbalance in the society, on the other hand.

Since, then the rights of others are being exploited and obstacles stand in the way of high qualified educated and competent professional unemployed youth. In this very case, society suffers from unequal treatment, as a result of which all kinds of social evils and crimes arise and chaos spreads in the society.

In this regard, those conjugal families who are engaged, both at the same time, with employment may be obliged to employ one of the couple. By complying so, it can bring balance in household chores, child caring, marital life and, even expenses can be significantly reduced. Apart from this, conditional permission could be obtained under the policy formulated by the then government.

It has often been observed that employees are engaged in many places simultaneously, whether they are public office holders or the employees of private companies or oganizations. Moreover, they are associated with business ventures as well. By occupying manifold fronts, consequently it leads to the exploitation among societies and also will not allow the new generation to come forward and get employment opportunities easily. There are many business tycoons whose business scope is very wide and large but due to lack of strategy, appropriate vision and unavailability of positive policy, they are unable to play a central role in the welfare of a society.

The principle of participatory retribution can play vital role in the betterment of instable societies. In addition, the wages of domestic workers are extremely low and these workers are treated with the utmost disrespect which does not suit any civilized society. Therefore, in order to improve this standard of slavery, policy should be formulated at the government level to curb the feeling of deprivation and prevent the discriminatory restrictions prevalent in the society.

Fundamentally, participatory meritocracy economic system, lies in the principle of rewarding and penalizing, not only provides about the best social cohesion of families and societies, but also dishes out the maximum decent jobs. Nevertheless, the purpose is to redefine the structure of the economic system in order to set free public representatives from traditional political rhetoric and to ensure equal rights for all in society, so that social values can be safeguarded and the wide gap of social disruption among individuals and societies can be bridged.

fidamohammad.78@gmail.com

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