Global Journal of Human Social Science, E: Economics, Volume 21 Issue 4

Conventional economists discount over- employment for some reasons, saying One is the suspicion that stated preferences for shorter hours. Also, the rate of over-employment is a low priority because it is undermined by the underemployment rate (Kahn and Lang 2001). However, a proactive approach would favour regulatory incentives that compel employers to shift the excess hours of the over- employed toward the underemployed within their workplace or industry. III. U nemployment Generally, unemployment is a state of joblessness. To Briggs (1973), unemployment is the variance between the amount of labour engaged at the current wage rate and the working condition; and those not employed at the present wage rate. Gbosi (1997) stated that unemployment is when people who are willing and able to work at the prevailing wage rate cannot find jobs. Therefore, anybody who is unwilling and actively seeking paid employment should not be counted as part of the employed workforce or maybe overestimating unemployment's official rate. On the other hand, additional workers are not part of the unemployed labour force. If we do so, we may be underestimating the official rate of unemployment. No matter how one defines unemployment, the underlying philosophy is that unemployment means a state of joblessness. Unemployment is when people willing and able to work at the prevailing wage rate or structure (level) are not employed or cannot find a job. Unemployment can also happen when a person in an economy is looking for a job and cannot find one. Unemployment may be open or disguised. International Labour Organization (ILO) considered unemployed workers as those not currently working but are willing and able to work and earn pay. These set of people are available to work and have actively searched for the same, but found none. http://www.ilo.org/public/english/bureau/stat/res/index.ht m] stated that only workers of the age group of 15 to 65 are allegeable to be in a country's labour force. Unemployment is the gap between the potential "full employment" and the number of employed persons. Briggs (1973) opined that unemployment is the difference between the amount of labour available at the prevailing wage rate and working conditions and the number of persons not employed. However, Gbosi (1997) pointed out that unemployment is when people willing to work at the current wage rate cannot find jobs. Oduah (1999) saw that one way of economising efforts in any inquiry is to review and build 200 other works. Nicholas (2000) says a person is unemployed if they are eligible for work but do not have a job. Volkova (1986) maintained that an unemployment situation is, in other words, called mass unemployment when the number of qualified workforces who are unemployed is considerably enough or outnumber that of those in gainful employment (Jelilov, Gylych; Onder, Evren; 2016). Keynes (1935) stated that the term unemployment is applied in a literal sense to all persons without work. Still it has a more specific meaning in the recent realisation of social and economic policy. Aguene (1991) defined unemployment as the number of people in the population who are willing and offer themselves for employment but could not find any for want of vacancies. Fajana (2000) and Standing (1983) opined that unemployment is the state of worthlessness experienced by persons who are members of the labour force who perceived themselves and are alleged by others as capable of work. The international labour force organisation (ILO) defines unemployment as the proportion of the labour force available for work but did not work even for one hour in the week preceding the survey period. Nigerian National Bureau of Statistics (NBS) defines unemployment as the proportion of the labour force ready for work, and found none; and could not work for at least thirty-nine (39) hours in the week preceding the survey period. Unemployment is a situation where persons who are willing and able to work at the prevailing wage structure (level) were unemployed. Unemployment may result from many factors and may take diverse forms, including job losers, that is, persons who are temporarily out of a job for one reason or the other. Unemployment can also occur as a by-product of a profit-based market-oriented economy. As a result of adjustments necessitated by changing profit conditions and market structures, some workers lose their jobs. Consequently, there will always be a certain level of unemployment in the economy. This form of unemployment is called frictional unemployment. Thus, instead of talking about full employment, it is fashionable in some cases to talk about maximum employment or the minimisation of frictional unemployment. There is no standard agreement on the exact numerical definition of maximum or optimal employment level. For Canada and the United States, the accepted target is 79 per cent of the labour force, respectively. For Nigeria, total employment has never assumed prominence as an objective of policy, and no specific target has been mentioned earlier. Worse still, Volume XXI Issue IV Version I 58 ( E ) Global Journal of Human Social Science - Year 2021 © 2021 Global Journals Which of these Economics Jargons - Underemployment, Overemployment, Unemployment, Rightemployment, Overqualification and Overeducation is Appropriate for an Economy? The unemployment rate is the number of an active population who are without work but available for and seeking employment, including people who have lost their jobs and those who have voluntarily left work (World Bank 1998).