How is unemployment a social as well as an economic problem?
Or
Write down adverse effects of unemployment in India.
Adverse effects of unemployment:
Unemployment is a social as well as economic problem. It is clear from the following observations:
1. Economic consequences : Unemployment has many economic consequences. Due to unemployment, menpower resources of the country are not utilised. It is sheer wastage for the society. It also leads to a loss of output. It lowers the rate of capital formation. It reduces the level of productivity.
2. Social consequences : Unemployment lowers the quality of life. It leads to inequality in the distribution of income and wealth. It also plays a significant role in creating social unrest. It divides the society into haves and haves not.
