What is the cause of GLOBAL UNEMPLOYMENT
‘The real minimum wage is zero unemployment’ — Thomas Sowell.
The word ‘unemployment’ is not something new or unheard of, especially in the third world countries. However, the factors behind this situation are categorized into two; cyclical unemployment and/or the natural rate of unemployment. The former is caused by the state of recession in the economy, while the latter occurs due to certain factors in the labor market, such as government regulations which create obstacles towards hiring and starting businesses.
For this type of unemployment, the Keynesian economic models pointed out the availability of both monetary and fiscal policy. A recession happens when a negative GDP growth arises. This slows down the economic growth and results in the downfall of sales and revenue of major businesses. This fall in income consequently causes businesses to regulate their expenditure. They stop hiring, retrench some of their workers, and ultimately cause ‘unemployment’.
The natural rate of unemployment
This is the most prevalent cause of unemployment in developing countries. It is due to the government having certain rules and regulations that constrain businesses from hiring and also unemployed persons from accepting jobs. These rules and regulations are set in place by the government to ascertain the safety of workers and masses regarding places where a business can operate but these can be well-meaning. Government regulations are essential but can prevent businesses from hiring.
Although different solutions have been proposed to address unemployment, they are only effective in theory, not practically. So what solution do you think is able to tackle this issue properly?
SMEs are pinpointed as the SOLUTION
For those who aren’t aware of this solution, SMEs means Small and Medium-sized Enterprises. These units are capable of improving the economy of a country if properly supported. Seeing that SMEs have enjoyed little to no attention from government agencies tasked with this purpose, WeBuy laid out plans and devised a blockchain platform for supporting the needs of SMEs.
- SMEs in full support of the WeBuy concept will join and continue to emphasize productivity and innovations as fundamental to the growth of an economy.
- Through endorsements from buyers of products joining WeBuy, SMEs can provide better opportunities and further create jobs, thus ultimately reducing the rate of unemployment.
- In a scenario where local designers are provided with funds, publicity, and access into the international market, they could have a greater chance of survival
- For distributing their products, they are equipped with enough publicity to connect them to buyers without having to spend excessively.
- SMEs as sellers can collaborate with buyers in an increasing network of BRNs (Buyer Referral Networks) who would invite others to join the BRN. A BRN is started by an appreciative buyer of the product who has registered with WeBuy.
- Cost of advertising is reduced because ads targeted to relevant consumers by the On-Demand model.
WeBuy’s Role In Reducing Unemployment
WeBuy is a novel on-demand advertising platform that will provide solutions to the problems rocking the development of SMEs, thereby reducing unemployment. WeBuy provides economic solutions to SMEs through a platform that has been strategically built to provide a readymade network for buyers and sellers at no cost.
WeBuy’s priority is to create brand awareness and to connect buyers and sellers together. This initial effort will focus on certain geographical limits.
Supporting WeBuy’s concept directly reflects your support to further endorse SMEs as the ideal solution to reducing unemployment. The quick growth strategies put in place by WeBuy to boost an SME’s brand-building is assuredly predicted to be a success.