A Publication of the Department of Economics
Rivers State University, Port Harcourt.
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| Title: | Unemployment And Economic Growth: The Okun's Law And Its Implications For Nigeria |
| Author(s): | JACK Better & TUANEH Godwin Lebari |
| Abstract: | The potentials of unemployment reduction in promoting national development and securing the general wellbeing of the citizens of a county is well established. It is in this light that this study examined the effect of unemployment on economic growth in Nigeria from 19902018. The study was anchored on the Okun's Law of unemployment. The study employed secondary data on Unemployment and Economic growth, sourced from World Development Indicator (WDI) and National Bureau of Statistics. The method of analysis was based on the dynamics model with a modified Ordinary Least Square technique (Overparamatize or Parsimonious Error Correction). The result revealed that unemployment was negatively related to economic growth and significant at the conventional level of 0.05%. Based on this finding, the study recommends that the government should embark on expansionary fiscal and monetary policy (policymix) measures that will accelerate Economic Growth in Nigeria so as to reduce the level of unemployment rates towards general welfare maximization and national development. |
| Keywords: | Unemployment, Okun's Law, Economic Growth, Nigeria |
| Journal: | Journal of Contemporary Research in Economics and Development Studies (JCREDS) |
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