Unemployment and Economic Fairness

We often talk of unemployment and the need for benefits for those who are not currently employed. We often criticise the unemployed for relying on benefits too. What we don’t do is look at new models for maximising employment.

So, I’m going to try! I’ve been trying to come up with a new economic model based around the principles of equality for a while. One that offers equality in opportunity and a reasonable level of income for everyone. Much like Sweden, just with a lower tax rate… hopefully. And when I say everyone, I mean achieving this nirvana of diversity and inclusion.

The conundrum I would like to solve is why are some people consistently employed throughout their lives and others consistently unemployed? Of course, there are people who fit in the middle ground here but my interest at first is in the two opposite extremes. It’s more than the theory of ‘Rich Dad, Poor Dad‘. I believe it’s caused by an inherent attitude that can be changed, however often isn’t. For example, Richard Branson attributes his success to his mother’s influence and support and also advocates ‘Screw It, Just Do It’ at any age in the article below:

https://www.virgin.com/richard-branson/keeping-creative-later-life

How do we encourage the consistently unemployed into work? How do we encourage this group to step outside what they know into a series of steps that appear risky…? It’s a difficult mentality to instil in a blanket way and each individual is likely to need a different series of actions to help them change possibly a long running perspective of not being worthy of a job 🤔.

So, what actions can we take as a country? Continent? Global economy?

It would be great if we could see the demographics of those who are unemployed in relation to their length of unemployment. Perhaps then the root cause of each factor will become apparent for us to address it with a targeted solution. Something for an AI developer to solve as too complicated for me! These demographics dovetailed with the up and coming industry sector could just specify targeted training programmes to fix skill attrition over time, for example.

It would also be interesting to combine government and corporate funding to invest in start ups, developing the most important industries for our future. My favourite thought would be for Pharma companies to collaborate on start up Biotech funding, so when the start is established and ready to be bought, the Pharma companies already have insight and could perhaps buy on favourable terms…

Ultimately there’s something developing in my mind around a tranched model in 3D of income, benefits and tax. I’ll let you know when I have a better picture of how it could work in real life. Here’s hoping someone cleverer than me has a suggestion!

Love Ruth x