The Economy: 7. Jobs and Unemployment
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The Big Picture Reason Why the UK Economy Is in Necessity
Wage rises are justified not just because of your bargaining power, but it's also justified by a more fundamental reason. Are you becoming more productive over time is your output in any given period going up? If I can only produce £20,000 worth of value for my employer, my employer would be an idiot to pay me £21,000. So the UK has its fair share of economic problems even though unemployment is near record low levels. But if you really want to see an economic catastrophe, look at a time when high unemployment reached appalling levels. In the 1930s, in the north of England, unemployment was about 29%.
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