ADOPTING THE DOCTRINE OF NEOCLASSICAL ECONOMICS, IN SOLVING THE PROBLEM OF UNEMPLOYMENT IN SUB-SAHARAN AFRICA, NIGERIA IN PARTICULAR

Oguru Ayibamiebi Foster, Mathew Boloekeye

Abstract


Development scholars, not satisfied with the traditional economic measures of development, clamoured for more direct attacks on the widespread absolute poverty, increasing inequitable distributions and rising unemployment in less developed countries in the 1960s. The experiences of the 1950s and 1960s when many developing nations reached the economic growth target, defined as economic development in traditional economic literature, without change in the levels of living of the masses of people engendered such attacks. Hence the new economic view of development focuses on issues such as, what is happening with unemployment, absolute poverty and income inequality in a country or religion. Among the three indicators of under development, unemployment is more critical, because it reinforces the others. This paper attempts to employ the doctrine and policies of the neoclassical school of economic thought with particular emphasis on Keynesian employment model in solving the problem of unemployment in Sub-Saharan Africa, particularly Nigeria. Drawing conclusion from various theoretical and empirical studies, it was presented that Keynesian theory of employment, if properly adopted can solve the problem of unemployment in Sub-Saharan Africa. The following recommendations were made. Countries in Sub-Saharan Africa should solve the problem of lack of accurate and reliable data. Secondly the need to improve institutional qualities was recommended. Lastly, there should be proper policy coordination. 


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