Statistics from the International Labour Organization in 2011, suggest that there are 75 million young people (those aged between 16 and 23) unemployed worldwide. Young people are three times more likely to be unemployed than those in other age groups and each month out of work prior to age 23 increases the likelihood that they will experience longer periods of unemployment later in life.

a. Why are such statistics of importance to policymakers?

b. What specific costs might be associated with youth unemployment to young people and to society?

c. Should policymakers devote more resources to dealing with youth unemployment compared to other groups in society? Justify your response.