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

1998 3.5 2.716 7.862 1999 17.5 0.474 6.618 2000 13.1 5.318 6.938 2001 13.6 8.164 18.871 2002 12.6 21.18 2.881 2004 13.4 10.59 5.001 2005 11.9 5.393 7.86 2006 12.3 6.211 8.218 2007 12.7 6.972 5.413 2008 14.9 5.984 11.58 2009 19.7 6.96 12.54 2010 21.1 7.976 13.72 2011 23.9 7.19 10.84 Source: National Bureau of Statistics (NBS) (2010) (2011), IMF, World Economic Outlook (WEO), CBN (2011). South Africa is the top country with the highest unemployment rate in the world. As of 2017, the unemployment rate in South Africa was 27.5 %. The top 5 countries also include Venezuela of the Bolivarian Republic, Macedonia, Greece, Bosnia and Herzegovina. i) Unemployment And Inflation Unemployment and inflation are primary economic illness and disequilibrium in the macroeconomic policies of any government. Unemployment relationship with inflation is apparent, and there is nowhere inflation will be cited short of unemployment. The duo work together with each other. This relationship can best be described using the A. W. Philips curve. A. W. Philips (1914- 1975), an economist from New Zealand. In the curve, it was observed that there is an inverse linear relationship between the rate of inflation and unemployment rate. This curve indicated a negative shape curve, much like a demand curve. Figure 2 This curve is explaining that a stable but inverse relationship exists between unemployment and the inflation rate. This curve may help policymakers choose between inflation and the unemployment in adjusting and managing macroeconomic policies that will affect the economy. The policymakers may decide to let one go at the expense of the other; conversely, a government desirous of achieving low inflation rates could do precisely that only at the cost of a high unemployment rate. The high unemployment rate can be explained that the inability to reduce unemployment and simultaneously achieve the good of full employment and price stability means that effort to move the economy closer to one of them like full employment will, of necessity, shift farther and farther away from the other areas of price stability. The slope of the curve measures Volume XXI Issue IV Version I 68 ( 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? w/p 0 Unemployment PC Phillip's Curve