Sample Economics Paper on Economic Constraints

Statistics recently released by the national bureau of statics show that people between the ages of 18 to 35 years take up 75% of the entire population. Unfortunately, of the 75%, only 30% are in formal employment while 25% are in informal work. Approximately 20% of all youths in the country are unemployed and therefore are dependent on their parents or the government for survival so that they can get basic needs (Kluve et al., 237). Another report released by a non-governmental organization indicates that the rate of depression is high, especially on youths and hence the high rate of suicides among the youth. In the year 2019, the number of death through suicide raised from twelve thousand, eight hundred in 2018 to seventeen thousand seven hundred and fifty. Current financial crisis across the globe has seen most of the companies closing down their operations while others have implemented cost-cutting measures that include laying off of employees and redundancy. In the year 2019 alone, 18 multinational companies closed their services, citing high operational costs resulting in the loss of thousands of jobs in a country faced by an acute shortage of employment. Lack of good governance is to blame for the crisis experienced and its impact on the youths socially and economically.

Policies implemented in the wake of economic constraints have left youths with no alternative other than seeking common ways to survive the harsh economy. For example, an increase in tax rates from 4% to 16% on petroleum products has increased the cost of production in the manufacturing industries resulting in lower profits margins. Due to these policies, youths should be innovative and creative in the creation of their own employment. The young generation should focus on the advancement of technology as a key driver in providing work as well as tackling the current global challenge. For example, online marketing and shopping have become a new trend globally. The online market has created many opportunities for youths. Today, technology has turned around how things are by bringing services close to people and more efficiently. For instance, there has been the development of online taxi services, which has brought a revolution on how people used to do business. Another create example is Facebook. It has created a lot of job opportunities across the globe. In this 21st century, youths are called upon to be more creative in researching to bring solutions to the current challenges (Kluve et al., 240).

By youths being the majority of the citizens, they should hold into account present leaders to deliver on their mandate. Youths can no longer be spectators in their nation; they have to take up an active role by ensuring they are informed on current trends and challenging policymakers to make policies in the best interest of the people. By taking up 75% of the entire population, the youth ought to be more pragmatic and aggressive in bringing reforms. Martin Luther King Junior, in the year 1960 while addressing students and activist at Shaw University, he gave recommendations on a strategy of victory. He urged young people to take permanent nonviolent organizations. The young people fought for justice in the south. Martin Luther Junior amplifies that commitment toward specific goals yields results over time (Kluve et al., 251). Today’s young generation is encouraged to take front positions in fighting for equality and equity. They should ask the government to come up with projects and policies that can be of economic importance to them.

Youths have a greater responsibility in the economic progress of a nation and, therefore, should avoid indulging in the use of drugs. Recent research shows that 50% of young people between the age of 16 and 24 have at least once used illicit drugs (Gelber et al. 455). The percentage is even higher on adults between the ages of 24 and 35. Overindulgence makes youth unemployable. There has been widespread concern about the effects of drugs on health, education, and political agendas in many countries. For example, in the United Kingdom, the government has introduced a ten years strategy that identifies young people as a critical priority group for protection and prevention. Drugs have resulted in productivity loss. That is to mean, potential income and outcome are lost and, therefore, lower GDP. Statistics have it that, in the USA, lost productivity as a result of non-participation of labor was at $120 billion, which is equivalent to 0.9% of GDP as of 2012. Similar studies in Canada and Australia identifies losses at 0.4% and 0.3% loss of GDP, respectively. Youth should use this time to develop and enhance their skills.

The older generation has accused youths of having no experience or little knowledge to take up positions of influence in society (Gelber et al. 455). Younger groups are seen to be neglected, and their interests are not taken care of by the older people who hold these positions. While it is essential to have experience and skills in the management of institutions, I believe that youths should be allowed to learn and grow their capacity by playing a pivotal role in the management of society’s projects and activities. Governance should include all groups in society, and hence the younger generation should not be neglected based on inexperience or incompetence.

I firmly believe that since the world is undergoing a demographic change, it is a perfect time for the youths to determine the economic trajectory by taking up prominent positions. The United Nations (UN) global compact meeting held at New York showed that the youths are critical drivers of economic development in the world aimed at bringing sustainable development goals. Economists have projected that because of these demographic changes, which contribute 15% of the economy’s GDP, the poverty rate will reduce significantly across the globe. So that this is achieved effectively, policies should be made and aggressive strategies designed to provide an excellent framework so that full potential is realized. Fostering human capital accumulation and the creation of employment within a creative economy and taking advantage of industrialization will significantly help in reducing poverty among the youths (Gelber et al. 458).

Franklin Roosevelt said, “We cannot always build a future for our youth, but we can build our youth for the future.” This quote reflects what the youth can do to a nation when given an opportunity and empowered to be agents of positive change. Globally, youths comprise of the highest population with very high productivity capabilities to sustain economies (Gelber et al. 460). Therefore, youths are a reliable resource for a nation. Unfortunately, this potential is less exploited by governments, with leaders underestimating the potentiality of young people being agents of change. With less involvement in decision making, many youths have resorted to being engaged in unproductive activities hence leaving critical economic sectors with no workforce.

In conclusion, I urge all the youth to be active in participating in the growth of their economies and societies. I call upon every person to engage in productive activities and develop their skills and capacities. Youths should become innovative and creative in this era of technological advancement and focus on solving global challenges. The younger generation should be more involved in decision making in their government and play a crucial role. Entrepreneurship should be encouraged as a key driver in creating employment.

 

 

 

 

 

References

Kluve, Jochen, et al. “Do youth employment programs improve labor market outcomes? A   quantitative review.” World Development 114 (2019): 237-253.

Gelber, Alexander, Adam Isen, and Judd B. Kessler. “The effects of youth employment:

Evidence

from New York City lotteries.” The Quarterly Journal of Economics 131.1 (2016): 423-460.