Abstract: The research investigates the causes of unemployment
in Namibia, Nigeria and South Africa and the role of Capital
Accumulation in reducing the unemployment profile of these
economies as proposed by the post-Keynesian economics. This is
conducted through extensive review of literature on the NAIRU
models and focused on the post-Keynesian view of unemployment
within the NAIRU framework. The NAIRU (non-accelerating
inflation rate of unemployment) model has become a dominant
framework used in macroeconomic analysis of unemployment. The
study views the post-Keynesian economics arguments that capital
accumulation is a major determinant of unemployment.
Unemployment remains the fundamental socio-economic challenge
facing African economies. It has been a burden to citizens of those
economies. Namibia, Nigeria, and South Africa are great African
nations battling with high unemployment rates. The high
unemployment rate in the country led the citizens to chase away
foreigners in the country claiming that they have taken away their
jobs. The study proposes there is a strong relationship between
capital accumulation and unemployment in Namibia, Nigeria, and
South Africa, and capital accumulation is responsible for high
unemployment rates in these countries. For the economies to achieve
steady state level of employment and satisfactory level of economic
growth and development, there is need for capital accumulation to
take place. The countries in the study have been selected after a
critical research and investigations. They are selected based on the
following criteria; African economies with high unemployment rates
above 15% and have about 40% of their workforce unemployed. This
level of unemployment is the critical level of unemployment in
Africa as expressed by International Labour Organization (ILO). And
finally, the African countries experience a slow growth in their Gross
fixed capital formation. Adequate statistical measures have been
employed using a time-series analysis in the study and the results
revealed that capital accumulation is the main driver of
unemployment performance in the chosen African countries. An
increase in the accumulation of capital causes unemployment to
reduce significantly. The results of the research work will be useful
and relevant to federal governments and ministries, departments and
agencies (MDAs) of Namibia, Nigeria and South Africa to resolve
the issue of high and persistent unemployment rates in their
economies which are great burden that slows growth and
development of developing economies. Also, the result can be useful
to World Bank, African Development Bank and International Labour
Organization (ILO) in their further research and studies on how to
tackle unemployment in developing and emerging economies.