. This was an increase of 0.4 percentage points from the previous quarterly unemployment rate. The expanded definition of unemployment is 46.2%.
The advocates of more state involvement want the government to do “more” to create jobs. Spend more, regulate more, own more. This is perplexing because our government has been doing more of this over the past two decades, and yet here we are — with astronomical unemployment rates.socialist path: a path that has destroyed people’s livelihoods in that country over the past two decades of Hugo Chavez and Nicolás Maduro.
As already pointed out by researchers, we have a labour market that discourages rapid job creation. Why this is the case is not rocket science. Ill-conceived public policy has been central to creating this rigid labour market. Much of what government does discourages investment – and, therefore, job creation.
Creating a competitive environment means we must embark on massive pro-market reforms that aim to boost entrepreneurship and business growth. We must deal with labour laws that make it difficult for businesses to operate effectively. If I was the president of South Africa, my first attempt in creating a labour market that is conducive to rapid job creation would entail scrapping the existing minimum wage laws. I would pursue basic economics.
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