Background
- India’s unemployment rate dropped to 6.43% in September due to an increase in labour participation in the rural and urban areas according to data from the Centre for Monitoring Indian Economy (CMIE)
- In August, unemployment had surged to a one-year high of 8.3% as employment sequentially fell by 2 million to 394.6 million.
- The almost-8 million increase in labour participation is a sign that the economy is doing well.
Unemployment
The term unemployment refers to a state in which an individual actively seeks employment but is unsuccessful.
Discerning unemployment
- The higher the country’s unemployment rate, its economic growth is less productive.
- Even without employment, people still maintain a steady consumption of resources. These resources are merely used up without viable beneficial feedback to the country’s economy.
- As a result, there is a proportional decline in the fundamental economic growth. A constantly high unemployment rate is a significant indicator of financial distress in a country and may have social and political ramifications leading to a degeneration of internal structure.
Implications of low unemployment rate
- On the other hand, a low unemployment rate signals maximum use of available labor in an economy, higher wage growth, and an overall increase in living standards.
- An ideal state for the economy of a country is to have maximum output from its potential workforce.
- However, a meager unemployment rate is an alert toward an overheating economy, causing inflation and unfavorable situations for employers needing extra labor.
- Unemployment is broadly divided into two categories by economists—voluntary and involuntary.
What can be the causes of unemployment?
There are many different aspects of the socio-economic system that can be blamed for the cause of unemployment.
According to Karl Marx, unemployment is a symptom of the capitalist system. He argued that businesspeople required a larger number of unemployed populations to make them eager enslaved people and work for a lesser wage.
Types of unemployment
What are the other different reasons for unemployment that affects India?
How is employment a problem?
- Unemployment is a problem because it gives birth to poverty, from individual to national level.
- Poverty leads to many other cascading problems. It also drives people towards focusing less on getting educated and living well and more on getting money.
- The issue will further lead to exploitation and lesser wages.
What measures can be taken to alleviate unemployment?
- Frictional and cyclical unemployment can be remedied by increasing the number of jobs.
- Steps can be taken to encourage businesses to hire more people at a better pay rate and promote growth.
- Structural employment requires more work and a better long-term solution.
- Changes should be done from the base level to lower the structural employment rate.
- Changes require skill training and education. More encouragement towards different fields can help create more jobs and allow the backward part of the economy to flourish more.
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- Anonymity: Darknet allows users to communicate and transact with each other anonymously. Users can maintain their privacy and avoid being tracked by law enforcement agencies or other entities.
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- Freedom of Speech: The darknet can be a platform for free speech, as users are able to express their opinions and ideas without fear of censorship or retribution.
- Secure Communication: Darknet sites are encrypted, which means that communication between users is secure and cannot be intercepted by third parties.
- Illegal Activities: Many darknet sites are associated with illegal activities, such as drug trafficking, weapon sales, and hacking services. Such activities can attract criminals and expose users to serious legal risks.
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- Stigma: The association of the darknet with illegal activities has created a stigma that may deter some users from using it for legitimate purposes.
- Virtual assistants: Siri, Alexa, and Google Assistant are examples of virtual assistants that use natural language processing to understand and respond to users’ queries.
- Recommendation systems: Companies like Netflix and Amazon use AI to recommend movies and products to their users based on their browsing and purchase history.
- Efficiency: AI systems can work continuously without getting tired or making errors, which can save time and resources.
- Personalization: AI can help provide personalized recommendations and experiences for users.
- Automation: AI can automate repetitive and tedious tasks, freeing up time for humans to focus on more complex tasks.
- Job loss: AI has the potential to automate jobs previously performed by humans, leading to job loss and economic disruption.
- Bias: AI systems can be biased due to the data they are trained on, leading to unfair or discriminatory outcomes.
- Safety and privacy concerns: AI systems can pose safety risks if they malfunction or are used maliciously, and can also raise privacy concerns if they collect and use personal data without consent.
Darknet
Definition:
Darknet, also known as dark web or darknet market, refers to the part of the internet that is not indexed or accessible through traditional search engines. It is a network of private and encrypted websites that cannot be accessed through regular web browsers and requires special software and configuration to access.
The darknet is often associated with illegal activities such as drug trafficking, weapon sales, and hacking services, although not all sites on the darknet are illegal.
Examples:
Examples of darknet markets include Silk Road, AlphaBay, and Dream Market, which were all shut down by law enforcement agencies in recent years.
These marketplaces operate similarly to e-commerce websites, with vendors selling various illegal goods and services, such as drugs, counterfeit documents, and hacking tools, and buyers paying with cryptocurrency for their purchases.
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Cons:
Artificial Intelligence
Definition:
AI, or artificial intelligence, refers to the development of computer systems that can perform tasks that would normally require human intelligence, such as recognizing speech, making decisions, and understanding natural language.
Examples:
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Cons: