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

f. Potential Sources of Political Instability: The army of unemployed youths serves as recruiting ground for disenchanted, disgruntled and revolutionary elements in the society. Such social and political instability is inimical to development. Youths who are not employed are used as tools to attack the government and their policies by those who are against the government. These social vices of destruction lead to the destruction of government properties, which hampers the government's development effort. g. High Dependency Ratio: The mass of unemployed persons will depend on the small number of the working population for their survival. The dependency will reduce efficiency and savings. The people who are not employed in Nigeria that are more than employed will have to depend on their survival. The employed who were not even satisfied will not save efficiently, which will affect the standard of living. h. Low Investment and Low National Income: As a result of low savings, the investment will also fall. As a result of the multiplier effect, income will also below, thus be creating a vicious cycle of poverty. Like earlier mentioned, any economy that grows depends mainly on the private sector. In an economy where many are unemployed, productivity is usually low, and individual savings will be equally low because of over-dependency. The multiplier processes on income below will lead to a low level of national income and investment. i. Fall in the Standard of Living: Unemployment, through the resulting poverty and income inequality, reduces the standard of living of the masses. Unemployment widens the inequality gap, impoverishes the masses and lowers their standard of living. Unemployment is directly linked to income generation. An unemployed person directly will not have enough income, and this is directly equally related to poverty. Therefore, a poor person will be living below the poverty line, thus reducing the people's living standard. j. Full Employment: This is a firmly established objective for most countries. Full employment is a concept that cannot be precisely defined. It is sometimes defined as the employment of all persons in the labour force, excluding those who are frictionally unemployed. Full employment then does not mean zero unemployment (Ajayi and Ojo, 1980). In a society where there is the mobility of the labour force, people will be moving from one job to another. Also, there will always be some who are not willing to work (voluntary unemployment). Volume XXI Issue IV Version I 64 ( 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? f) Analysis of the Consequences of Unemployment Unemployment is undesirable, bringing economic, social and political vices in the society. It has numerous consequences to the society it visits. The high wave of crime, robbery among youths has been traced to unemployment. Prince will, in Vanguard (June 25; 2002), observed that since 1999, this country had experienced an unprecedented rise in a crime wave, armed 10robbery, political assassinations, religious riots, inter-ethnic and intra-ethnic clashes, and communal clashes as a result of the increasing unemployment rate. Recently, researchers have noticed an unprecedented increase in prostitution among young girls. The results of Jajere’s investigations were carried out in our brothels and hostels in some urban areas in Nigeria, whereby prostitutes confessed to the fate of the scourge of unemployment. According to Osi (2001), the research on unemployment consequences maintained that autonomous consumption is inevitable, making some feeble-minded ones indulge in a robbery. Besides, examination malpractices are perpetrated by some jobless school leavers, who must make ends meet. These teach the younger society negative options available for survival. Similarly, the issue of unemployment has caused hunger and malnutrition. Volkova et al., 1986 stated that unemployment and price increase of food and the unceasing onslaught of the unemployed and their dependants had increased malnutrition and its associated diseases in the third world. According to Nicholas et al. (2000), the unemployment social consequences for people who lost their job induces a higher poverty incidence, ill-health, high death toll, and strained family relationship. For society as a whole, the social consequences include the failure of social investment on human capital development through the educational system, the loss of tax revenue, and an increase in unemployment benefits payments that threatens the financing of other economic sectors of the economy. Also, the evil effects of mass unemployment have cracked some families in the country. It has led to broken marriages of homes that were once happy, as is succinctly stated by Awake magazine of July 22, 1984. This magazine went on to say that families have broken up and their children miserable due to unemployment. Graham (1992) upheld the consequences of loss of job to have caused some unemployed people, and their family’s nervousness, misery, frustration, and despairing unhappiness. He also stated that the psychological compression of unemployment causes the unemployed to suffer trauma and sorrow. Unemployment is a waste of human labour. An increase in the non-working population size is a simultaneous increase in the "liability" of the working population. An insinuation can be drawn from here that some difficulties arise regarding managing the