Inflation as a Parent of Unemployment: Revisiting the Effects of Unemployment and Inflation on the Economy of Pakistan under Karl Marx’s Conflict Theory
Keywords:
Inflation, Unemployment, Conflict theory, effects.Abstract
This study seeks to investigate “unemployment and inflation” in Pakistan
and their effect on the economy of Pakistan. Unemployment and inflation
are the most common problems of our society, which give rise to poverty.
This study adopts a qualitative research design which is exploratory in
nature; the method used is content analysis with data taken from various
sources of internet which include relevant articles, and scholarly books.
This study draws upon the theoretical framework of Karl Marx‟s conflict
theory. In this theory, Karl Marx, claims that society is in a state of
perpetual conflict because of competition for limited resources. The
findings of this study explore that social disturbance like unemployment
arises due to domination and power, in the light of Karl Marx's theory
“The Conflict Theory”. The study reflects that unemployment is the root
cause of many other problems in Pakistan. And unemployment harms the
economy of Pakistan, but inflation has both a negative and positive effect
on our country's economy. Thus, Unemployment and inflation have
inversely related to each other however, inflation is the parent of
unemployment.
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Online Sources:
https://www.investopedia.com/terms/c/conflict-theory.asp
https://www.job-interview-site.com/the-effects-of-unemployment-onsociety-and-the-economy.html
https://www.investopedia.com/terms/p/phillipscurve.asp
