Theories of Unemployment: Application to the UAE

Theories of Unemployment: Application to the UAE Introduction: Unemployment is defined when an individual is actively seeking the for the job but is unable to find the work (Solow, 1980). This paper attempts to explore various unemployment theories and then find the best suitable theory to apply to the UAE economy. Advantages and disadvantages of the chosen theory will also be discussed in the paper. Recommendations will be provided to reduce the unemployment in the UAE. The paper is organized as follows: next section defines and discusses five unemployment theories, while the best suited theory/theories will be discussed in the third section. The fourth section will be composed of the strategies to be employed to reduce unemployment in the UAE. Recommendation and conclusion will be provided in the last section. Unemployment theories: Since the great recession in December 2007, many countries whether developed or developing has experienced a high rate of unemployment. There are different types of unemployment. In this section, following five types of unemployment are discussed with reference to the empirical evidence. Frictional unemployment: A switching or transition between the jobs is called as a frictional employment. The transition between the job can be for many reasons which include: looking for a better-paid job, migration from one state to another, from part time to full time employment or the vice versa. If a person who seeks a job, gets according to his requirement or desires within a week will not be counted as a frictional unemployment, but this is not possible in a real life situation. Monetary and fiscal policy can also not bring the frictional unemployment down without putting an extra inflationary pressure on the economy (Bruce and Marshal, 1976). Structural unemployment   A mismatch between the kind of the job and the availability of the skill causes a structural unemployment in a country (Peter, 1969). It is the case with most of the countries that employers do not find the required skill and the labor does not find the required or an interested job (Peter, 1969). So, the workers do not take the jobs which are not highly paid or for which they do not have an interest, which increases the unemployment in the country. On the other hand, companies also do not hire individuals who do not possess the right skills and required expertise, so a structural unemployment takes place. Technological unemployment   Boinovasky and Trautwein (2010) discussed the technological unemployment in their research paper and focused on the Schemputers writing on unemployment from 1908 to 1954. Shumpter (1926, 1928, and 1931). Schumpeter concluded that all frictional, structural, and cyclical unemployed can be summed into one unemployment type which we may call as a technological unemployment. According to Neiser (1942) a technological unemployment is the stepchild of economic science and hence cannot be avoided. Regional  unemployment Unemployment due to the regional differences is called a regional unemployment. Therefore, a structural unemployment occurs in the local or regional area it is called regional unemployment. For example, an unemployment in the New York instead of the USA is known as a regional unemployment. Seasonal unemployment Unemployment due to seasonal changes is called seasonal unemployment. Many individuals get unemployed in extreme hot season in UAE and in extreme winter in the UK. Best unemployment theories for UAE (200) Chart 1: UAE unemployment rate Historical Data Chart The unemployment in the UAE is presented in the chart 1. United Arab Emirates faced an increase in the unemployment Rate from 4.3 in 2010 to 4.6 in 2011 (Central Bank of UAE, 2011). Since 1985 till 2011, a high unemployment rate was observed in 2011, which was 4.6. Ann unemployment has increased substantially over the last six years and it jumped from 2.17% in 2007 to 4.6% in January 2012. The definition of fan unemployment in the UAE is the same as in other countries; a person looking actively for the job but unable to find the work is called an unemployment. Technological unemployment best identifies the UAE economy. The major reasons behind an increase in the technological unemployment in the UAE are listed below: Increase in the population which is unskilled or not technologically advanced. Technological advancement has substituted human with machines and capital. An increase in the migrants from other countries in the UAE has increased the competition. So there is an increase in the technological unemployment. Few other causes have been identified in the report TANMIA (2011), which is presented in the chart 2 below. Source: TANMIA, 2011 How to reduce unemployment in the UAE Emiratisation To employ the residents and citizens of the country in a meaningful and efficient way by the government is called an emiratisation. This is a very active program in the UAE. It basically promotes the countrys human resource in an optimal manner to get employed and encourage the multinationals to rely on the countries own human resource. Advantages Below is the list of advantages of the Emiratisation: It adds to the growth and sustainability of the companies and manufacturers when they have to rely heavily on the local residents of the country. The UAE culture will be promoted and spread. It supports and contributes to the growth and learning of the UAE nationals for the betterment and benefits of the human capital development. Disadvantages of Emiratization The major disadvantage of the Emiratization is the forced reliance on the employment of the UAE nationals. The private sector is still lagging behind the public sector and the UAE national are not willing to work in the private sector. Conclusion and Recommendation The report presents an overview of different unemployment theories with reference to the academic literature. The major theories discussed in this report include structural, regional, seasonal, frictional, and the technological unemployment. The analysis of these theories reveals that UAE is mostly suffered without the technological unemployment. As, the country is one of the freest economy in the world with the lowest tax rates, so it is the center of all big multinationals to set-up their plants in the UAE. After having installed their plants and machinery, now their employers seek for highly technical and skilled employee. To overcome the unemployment in the UAE, the government will have to take the following actions: It should initiate active and effective labor market programs which should target at least 5000 job seekers per annum to lower the unemployment in the region. Khalifa fund should be established for amortization empowerment, which will enhance the domestic labor force demand. Government should focus on the foreign labor policy to restrict the jobs for them and improve an employment rate for the UAE nationals. Government should also improve the participation rate in the private sector which will help lower the unemployment rate due to technological advancement.

Bentham and Kant Essay

Jeremy Bentham was an English philosopher and political radical. He is highly known and respected today for his moral philosophy, primarily his principle of utilitarianism. Utilitarianism evaluates actions based upon their consequences. Bentham is most famously known for his pursuit of motivation and value. Bentham was a strong believer in individual and economic freedom, the separation of church and state, freedom of expression, equal rights for women, the right to divorce and the decriminalizing of homosexual acts. During his time he helped with the abolition of slavery, the abolition of the death penalty and the abolition of physical punishment, including children. Bentham was born in Houndsditch, London in 1748 to a very wealthy family who supported the Tory party. He was very intelligent and bright minded. When he was a toddler he was found behind his father’s desk reading the history of England and at age three he began studying Latin. He obtained his masters degree from Oxford College in 1766, where there after he trained as a lawyer but never practiced. Instead, Bentham decided to write about the law. One of Bentham’s major influences was Joseph Priestley. Bentham read Priestley’s work and had quickly changed his mind about the conservative political views that he had grown up in. One statement in particular from The First Principles of Government and the Nature of Political, Civil and Religious Liberty had a major impact on Bentham; â€Å"The good and happiness of the members, that is the majority of the members of the state, is the great standard by which every thing relating to that state must finally be determined. † Bentham was also heavily influenced by the philosopher David Hume. In 1798 Bentham wrote Principles of International Law where he argued that universal peace could only be obtained by first achieving European Unity. He hoped that some for of European Parliament would be able to enforce the liberty of the press, free trade, the abandonment of all colonies and a reduction in the money being spent on armaments. One of Bentham’s most famous works was Constitutional Code in 1830. Here Bentham shares many of his ideas and beliefs on political democracy. Bentham argues that political reform should be dictated by the principal that the new system will promote the happiness of the majority of the people affected by it. He also argues about universal suffrage, annual parliaments and vote by ballot. Bentham believed that there should be no king, no House of Lords and no established church. In Constitutional Code Bentham also includes his view that men and women should be able to vote. Bentham also addressed the problem of how government should be organized and suggests the continual inspection of the work of politicians and government officials. Perhaps Bentham’s most famously noted for his work with Utilitarianism and is noted as the founder of modern utilitarianism. His work can be found in his book The Principles of Morals and Legislation. Utilitarianism is defined as â€Å"a theory in normative ethics holding that the proper course of action is the one that maximizes utility, specifically defined as maximizing happiness and reducing suffering. † Bentham examined the concept of punishment and when it should be used as far as whether a punishment will create more pleasure or pain for society. He believed that the legislation of a society is vital to maintain the maximum pleasure and the minimum degree of pain for the greatest amount of people. Jeremy Bentham passed away on June 6th 1832 at the age of 84. Immanuel Kant Immanuel Kant was born, lived and passed away in his home town of Konigsberg. He lived from 1724 to 1804. He studied at the local university and later returned to tutor and lecture students. It wasn’t until he met an English merchant by the name of Joseph Green that Kant learned of David Hume and began to develop his ideas of morals and values. Kant’s Critique of Pure Reason (1781) is believed to many to be his greatest work. Kant’s was known mainly, however, for his moral code The Categorical Imperative. Immanuel Kant was a follower of Deontology, or duty ethics. Deontology is a theory holding that decisions should be made solely or primarily by considering one’s duties and the rights of others. One of the most important implications of deontology is that a person’s behaviour can be wrong even if it results in the best possible outcome. And, an act can be right even if it results in a bad outcome. In contrast to consequentialism, a philosophy infamous for its claim that the ends justify the means, deontology insists that how people accomplish their goals is usually, or always, more important than what people accomplish. Kant’s moral philosophy is based on the categorical imperative, good will, and duty. According to the categorical imperative, it is an absolute necessity, a command that humans should accord with universalizable maxims to treat people as ends in themselves and exercise their will without any concerns about the consequences or conditions of their actions. This concept can also be expressed in systematic terms by the two following formulations. The first form of the categorical imperative prescribes that we must act only according to that maxim whereby we can at the same time will that it should become a universal law. The second one states that we ought to treat humanity, whether in our own person or in the person of another, always at the same time as an end and never simply as a means. In order to obey the categorical imperative, people have to act on a maxim that can be universalized. For instance, Kant argues that a lying promise is bad since it does not pass the universality test. Whenever a person makes a promise knowing that he will have to break it, he violates the first formulation of the categorical imperative. He intends to make use of another man merely as a means to an end which the latter does not likewise hold. In other words, Kant does not believe that lying promises are bad due to the fact that they generate bad consequences but because they result in a practical contradiction. According to him, people can’t lie since they can’t act for the results. Considering the second formulation of the categorical imperative, we have the need to have others working for us limited to some morality principles without treating them merely as a means. Kant believes that even though we have the ability to create our own ends, we can’t use people for our own devise. If we interfere with others to pursue their end while pursuing our own end, we violate their autonomy. We can’t have double standards for ourselves and for others. It is morally obligatory for us to respect others since people are rational agents. We must respect everyone in the exact same way and treat them as autonomous. As rational beings, humans are systematically united through common laws within the Kingdom of Ends. We belong to this kingdom as a member when we legislate in it universal laws while also being ourselves subject to these laws. According to Kant, everyone, no matter who they are, should be both the legislator and the follower of moral laws. Overall, Kant’s theory emphasizes that no one is an exception to moral laws, that people must act on strongly held beliefs or duties that are not in their own interest, and that we should never use people.

Problems

Chapter 3 Problems 1. Dental Delights has two divisions. Division A has a profit of $200,000 on sales of $4,000,000. Division B is only able to make $30,000 on sales of $480,000. Based on the profit margins (returns on sales), which division is superior? 3-1. Solution: Dental Delights Division ADivision B [pic] Division B is superior 3. Bass Chemical, Inc. , is considering expanding into a new product line. Assets to support this expansion will cost $1,200,000. Bass estimates that it can generate $2 million in annual sales, with a 5 percent profit margin. What would net income and return on assets (investment) be for the year? -3. Solution:Bass Chemical, Inc. [pic] 4. Franklin Mint and Candy Shop can open a new store that will do an annual sales volume of $750,000. It will turn over its assets 2. 5 times per year. The profit margin on sales will be 6 percent. What would net income and return on assets (investment) be for the year? 3-4. Solution: Franklin Mint and Candy Shop [pic] 8. Sharpe Razor Company has total assets of $2,500,000 and current assets of $1,000,000. It turns over its fixed assets 5 times a year and has $700,000 of debt. Its return on sales is 3 percent. What is Sharpe’s return on stockholders’ equity? -8. Solution: Sharpe Razor Company total assets$2,500,000 – current assets 1,000,000 Fixed assets$1,500,000 [pic] total assets$2,500,000 –debt 700,000 Stockholders’ equity$1,800,000 [pic] [pic] 11. Acme Transportation Company has the following ratios compared to its industry for 2009. | |Acme Transportation |Industry | |Return on assets†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ | 9% | 6% | |Return on equity†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ |12% |24% |Explain why the return-on-equity ratio is so much less favorable than the return-on-assets ratio compared to the industry. No numbers are necessary; a one-sentence answer is all that is required. 3-11. Solution: Acme Transportation Company Acme Transportation has a lowe r debt/total assets ratio than the industry. For those who did a calculation, Acme’s debt to assets were 25% vs 75% for the industry. 14. Jerry Rice and Grain Stores has $4,000,000 in yearly sales. The firm earns 3. 5 percent on each dollar of sales and turns over its assets 2. 5 times per year. It has $100,000 in current liabilities and $300,000 in long-term liabilities. . What is its return on stockholders’ equity? b. If the asset base remains the same as computed in part a, but total asset turnover goes up to 3, what will be the new return on stockholders’ equity? Assume that the profit margin stays the same as do current and long-term liabilities. 3-14. Solution: Jerry Rice and Grain Stores a. [pic] [pic] [pic] 3-14. (Continued) b. The new level of sales will be: [pic] [pic] [pic] 25. Calloway Products has the following data. Industry information is also shown. Industry Data on Net YearNet IncomeTotal AssetsIncome/Total Assets 2006$360,000$3,000,00011% 00738 0,0003,400,0008 2008380,0003,800,0005 Industry Data on YearDebtTotal AssetsDebt/Total Assets 2006$1,600,000$3,000,00052% 20071,750,0003,400,00040 20081,900,0003,800,00031 As an industry analyst comparing the firm to the industry, are you likely to praise or criticize the firm in terms of: a. Net income/Total assets? b. Debt/Total assets? 3-25. Solution: Calloway Products a. Net income/total assets |Year |Calloway Ratio |Industry Ratio | |2006 |12. % |11. 0% | |2007 |11. 18% |8. 0% | |2008 |10. 0% |5. 0% | Although the company has shown a declining return on assets since 2006, it has performed much better than the industry. Praise may be more appropriate than criticism. 3-25. (Continued) b. Debt/total assets Year |Calloway Ratio |Industry Ratio | |2006 |53. 33% |52. 0% | |2007 |51. 47% |40. 0% | |2008 |50. 0% |31. 0% |While the company’s debt ratio is improving, it is not improving nearly as rapidly as the industry ratio. Criticism may be more appropriate than praise. 26. J odie Foster Care Homes, Inc. , shows the following data: YearNet IncomeTotal AssetsStockholders’ EquityTotal Debt 2005$118,000$1,900,000$ 700,000$1,200,000 2006131,0001,950,000950,0001,000,000 2007148,0002,010,0001,100,000910,000 2008175,7002,050,0001,420,000630,000 a. Compute the ratio of net income to total assets for each year and comment on the trend. b. Compute the ratio of net income to stockholders’ equity and comment on the trend.Explain why there may be a difference in the trends between parts a and b. 3-26. Solution: Jodie Foster Care Homes, Inc. a. [pic] 2005 $118,000/$1,900,000 = 6. 21% 2006 $131,000/$1,950,000 = 6. 72% 2007 $148,000/$2,010,000 = 7. 36% 2008 $175,700/$2,050,000 = 8. 57% Comment: There is a strong upward movement in return on assets over the four year period. 3-26. (Continued) b. [pic] 2005 $118,000/$700,000= 16. 86% 2006 $131,000/$950,000= 13. 79% 2007 $148,000/$1,100,000= 13. 45% 2008 $175,700/$1,420,000= 12. 37% Comment: The return on sto ckholders’ equity ratio is going down each year.The difference in trends between a and b is due to the larger portion of assets that are financed by stockholders’ equity as opposed to debt. Optional: This can be confirmed by computing total debt to total assets for each year. [pic] 200563. 2% 200651. 3% 200745. 3% 200830. 7% 31. The Griggs Corporation has credit sales of $1,200,000. Given the following ratios, fill in the balance sheet below. Total assets turnover 2. 4 times Cash to total assets 2. 0% Accounts receivable turnover 8. 0 times Inventory turnover10. 0 times Current ratio 2. 0 times Debt to total assets61. 0% GRIGGS CORPORATIONBalance Sheet 2008 AssetsLiabilities and Stockholders’ Equity Cash _____Current debt_____ Accounts receivable_____Long-term debt_____ Inventory_____ Total debt_____ Total current assets _____Equity_____ Fixed assets _____ Total assets _____ Total debt and stockholders’ equity_____ 3-31. Solution: Griggs Corporation Sales /total assets= 2. 4 times Total assets= $1,200,000/2. 4 Total assets= $500,000 Cash= 2% of total assets Cash= 2% ? $500,000 Cash= $10,000 Sales/accounts receivable= 8 times Accounts receivable= $1,200,000/8 Accounts receivable= $150,000 Sales/inventory= 10 timesInventory= $1,200,000/10 Inventory= $120,000 3-31. (Continued) Fixed assets= Total assets – current assets Current asset= $10,000 + $150,000 + $120,000 = $280,000 Fixed assets= $500,000 – $280,000 = $220,000 Current assets/current debt= 2 Current debt= Current assets/2 Current debt= $280,000/2 Current debt= $140,000 Total debt/total assets= 61% Total debt= . 61 ? $500,000 Total debt= $305,000 Long-term debt= Total debt – current debt Long-term debt= $305,000 – 140,000 Long-term debt= $165,000 Equity= Total assets – total debt Equity= $500,000 – $305,000 Equity= $195,000 Griggs Corporation Balance Sheet 2008 Cash |$ 10,000 |Current debt |$140,000 | |A/R |150,000 |Long-term debt | 165,0 00 | |Inventory |$120,000 |Total debt |$305,000 | |Total current assets |280,000 | | | |Fixed assets | 220,000 |Equity | 195,000 | |Total assets |$500,000 |Total debt and |$500,000 | | | |stockholders’ | | | | |equity | | 35. Given the following financial statements for Jones Corporation and Smith Corporation: a. To which company would you, as credit manager for a supplier, approve the extension of (short-term) trade credit? Why? Compute all ratios before answering. b. In which one would you buy stock? Why? JONES CORPORATION | |Current Assets |Liabilities | |Cash |$ 20,000 |Accounts payable |$100,000 | |Accounts receivable |80,000 |Bonds payable (long-term) |80,000 | |Inventory |50,000 | | | |Long-Term Assets |Stockholders’ Equity | |Fixed assets |$500,000 |Common stock |$150,000 | |Less: Accumulated | (150,000) |Paid-in capital |70,000 | |depreciation | |Retained earnings |100,000 | |*Net fixed assets | 350,000 | | | |Total assets |$500,000 |Total liabilities and equity |$500,000 | Sales (on credit) |$1,250,000 | |Cost of goods sold | 750,000 | |Gross profit |500,000 | |† Selling and administrative expense |257,000 | |Less: Depreciation expense | 50,000 | |Operating profit |193,000 | |Interest expense | 8,000 | |Earnings before taxes |185,000 | |Tax expense | 92,500 | |Net income |$ 92,500 | *Use net fixed assets in computing fixed asset turnover. † Includes $7,000 in lease payments. | | |SMITH CORPORATION | |Current Assets |Liabilities | |Cash |$ 35,000 |Accounts payable |$ 75,000 | Marketable securities |7,500 |Bonds payable (long-term) |210,000 | |Accounts receivable |70,000 | | | |Inventory |75,000 | | | |Long-Term Assets |Stockholders’ Equity | |Fixed assets |$500,000 |Common stock |$ 75,000 | |Less: Accumulated |(250,000) |Paid-in capital |30,000 | |depreciation | |Retained earnings |47,500 | |*Net fixed assets | 250,000 | | | |Total assets |$437,500 | Total liabilities and equity |$437,500 | Sales (on credit) | $1,000,000 | |Cost of goods sold | 600,000 | |Gross profit |400,000 | |† Selling and administrative expense |224,000 | |Less: Depreciation expense | 50,000 | |Operating profit |126,000 | |Interest expense | 21,000 | |Earnings before taxes |105,000 | |Tax expense | 52,500 | |Net income |$ 52,500 | *Use net fixed assets in computing fixed asset turnover. † Includes $7,000 in lease payments. 3-35. Solution: Jones and Smith Comparison One way of analyzing the situation for each company is to compare the respective ratios for each on, examining those ratios which would be most important to a supplier or short-term lender and a stockholder. | |Jones Corp. |Smith Corp. | |Profit margin |7. 4% |5. 5% | |Return on assets (investments) |18. 5% |12. 00% | |Return on equity |28. 9% |34. 4% | |Receivable turnover |15. 63x |14. 29x | |Average collection period |23. 04 days |25. 2 days | |Inventory turnover |25x |13. 3x | |Fixed asset turnover |3. 7x |4x | |Total asset turnover |2 . 5x |2. 29x | |Current ratio |1. 5x |2. 5x | |Quick ratio |1. 0x |1. 5x | |Debt to total assets |36% |65. 1% | |Times interest earned |24. 13x |6x | |Fixed charge coverage |13. 3x |4. 75x | |Fixed charge coverage calculation |(200/15) |(133/28) | a. Since suppliers and short-term lenders are most concerned with liquidity ratios, Smith Corporation would get the nod as having the best ratios in this category. One could argue, however, that Smith had benefited from having its debt primarily long term rather than short term. Nevertheless, it appears to have better liquidity ratios. 3-35. (Continued) b. Stockholders are most concerned with profitability. In this category, Jones has much better ratios than Smith.Smith does have a higher return on equity than Jones, but this is due to its much larger use of debt. Its return on equity is higher than Jones’ because it has taken more financial risk. In terms of other ratios, Jones has its interest and fixed charges well covered and in general its long-term ratios and outlook are better than Smith’s. Jones has asset utilization ratios equal to or better than Smith and its lower liquidity ratios could reflect better short-term asset management, and that point was covered in part a. Note: Remember that to make actual financial decisions more than one year’s comparative data is usually required. Industry comparisons should also be made.

Norman Schwarzkopf Was One Of The Greatest Leaders In...

Norman Schwarzkopf was one of the greatest leaders in American history. He was destined to be a leader of men from birth. Schwarzkopf was born on 22 August 1934 in Trenton, New Jersey. He grew up as an Army brat, living on bases all around the world. His father who is credited for the founding of the New Jersey state police, was honorably discharged from the army as a Brigadier General after had served in both World War I and World War II. Norman tried hard to follow in his father’s footsteps. Like his father, Norman graduated from West Point University in 1956 with a Bachelor’s degree in Engineering. While attending West Point he was a member of both the football and wrestling teams. One of the most defining moments of his very†¦show more content†¦Eventually Schwarzkopf, returned home in a body cast that covered him from his shoulders all the way down to his hips. For his time served during the war Schwarzkopf received numerous awards and medals. Once he was well enough to speak to the public about his experiences he was shocked by how hostile many were about the war and that the public was directing their anger towards the military. Schwarzkopf assumed that this wrath from the community had been spawned by the realities that the government went into the war without clear intentions. This appeared to cause a great personal conflict for Schwarzkopf who contemplated hanging up his uniform. After much thought and consideration Schwarzkopf came to the conclusion that he would stay in the fight but that as long as he was in command his soldiers would never fight in a war like Vietnam again. The Vietnam War was coming to an end and the soldiers were back to their families, who’s had been waiting and praying stateside for their safe return. But that didn’t mean complacency for Schwarzkopf he continued to rise up the ranks taking on more responsibilities with each promotion. 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