The Identity between Aggregate Supply and Demand Price Equilibrium and Labour Market Equilibrium at Less than Full Employment

1992 ◽  
pp. 109-119
Author(s):  
J. A. Kregel
Keyword(s):  
Labour Market ◽  
Full Employment ◽  
Supply And Demand ◽  
Market Equilibrium ◽  
Price Equilibrium ◽  
Aggregate Supply

scholarly journals Efficiency-wage model

Sociologija ◽  
2013 ◽  
Vol 55 (3) ◽  
pp. 461-474
Author(s):  
Nikola Fabris
Keyword(s):  
Labour Market ◽  
Classical Theory ◽  
Full Employment ◽  
Supply And Demand ◽  
Market Equilibrium ◽  
Efficiency Wage ◽  
Human Labour

In classical theory, the labour market operates as any other market, that is, the supply and demand determines the equilibrium between wages and the number of employees. The Keynesians went a step further by pointing out that the labour market does not follow the same principle as other markets and that wages do not change due to numerous rigidities, i.e. that the equilibrium is not achieved with full employment. The neoclassical macroeconomics reverts to the classical theory, noting that the labour market equilibrium is achieved immediately. The weakness of these theories is that they do not sufficiently consider specific features of the labour market and/or human labour. However, the new Keynesians went a step further in this direction by developing the efficiency wage model incorporating both economic and sociological explanations in the labour market interpretation. Nevertheless, it seems that there is still enough room for further improvements of this model and the paper communicates certain suggestions to that end.

An Economic Approach to Teacher Loss and Retention

1973 ◽  
Vol 17 (2) ◽  
pp. 142-152 ◽  
Author(s):  
C. Selby Smith
Keyword(s):  
Economic Analysis ◽  
Labour Market ◽  
Statistical Data ◽  
Full Employment ◽  
Supply And Demand ◽  
Analytical Framework ◽  
Economic Approach ◽  
Salary Structure ◽  
Australian Education ◽  
Career Structure

In the late 1960's the imbalance between the supply and demand for teacher services was fundamental to the problems of Australian education. This article outlines an analytical framework which helps in understanding some important features of that imbalance. The paper comes to three main conclusions: that high levels of teacher resignation were probably a rational response to the conditions governing their recruitment and the level and career structure of their earnings; that if resignation rates for teachers are to be reduced in a full employment labour market, changes are required in their salary structure and career prospects; and that the statistical data available on a consistent national basis are seriously inadequate for satisfactory economic analysis.

scholarly journals Employment in New Zealand

1970 ◽  
Author(s):  
Tim Hazledine
Keyword(s):  
New Zealand ◽  
Labour Market ◽  
Full Employment ◽  
Free Market ◽  
Supply And Demand ◽  
Macroeconomic Performance ◽  
Free Markets ◽  
Neoclassical Economic Theory ◽  
Post War ◽  
Opening Up

Explaining post-war employment and unemployment in New Zealand is problematic for neoclassical economic theory. Up until the late 1970s the economy was overlaid with controls and 'rigidities' of many sorts, interfering with the operation of ‘free' market forces. Yet it delivered virtually zero unemployment without being unusually prone to inflationary pressures. From the 1980s onwards, our economy has been subjected to a remarkable regime of policy 'reform', involving the opening up of markets to overseas competition, the dismantling or  emasculating of centralised and/or collectivist institutions, and the adoption of an extreme version of monetarist ideology. Yet throughout these years of actions aimed at fostering ‘free markets', the actual macroeconomic performance of the markets, measured by the mismatch between supply and demand in the labour market (unemployment) has persistently deteriorated, with unemployment rates rising from less than half of one percent as late as 1977 to above 10% in the early 1990s. That is, the more market-oriented we became, the worse the markets performed. How can this be? The research program on which the present paper is a progress report tests hypotheses that can explain how both Keynesian and monetarist orthodoxies miss important aspects of New Zealand reality, and develops a model based on empathy between supply and demand sides of the labour market that is consistent with non-inflationary over-full employment.

Effects of Migration on European Labour Market Equilibrium

2013 ◽  
Author(s):  
Ivo Družić ◽  
Ana Andabaka Badurina ◽  
Marija Penava
Keyword(s):  
Labour Market ◽  
Market Equilibrium

The Political Economy of Work and Welfare

2021 ◽  
pp. 422-444
Author(s):  
Micheál L. Collins ◽  
Mary P. Murphy
Keyword(s):  
Political Economy ◽  
Labour Market ◽  
Social Protection ◽  
Full Employment ◽  
The Political ◽  
Welfare Regime ◽  
The Social ◽  
Sectoral Composition ◽  
And Migration ◽  
Institutional Architecture

The political economy of Irish work and welfare has dramatically changed over recent decades. Since the 1980s, Ireland has experienced two periods of high unemployment followed by two periods of full employment. Alongside this, we see considerable shifts in both the sectoral composition of the workforce and in the institutional architecture underpinning the labour market. Focusing on the last decade, this chapter contextualizes the Irish labour market in the Irish growth model, highlighting issues including occupational upgrading, low pay, gender composition, and migration. The chapter then explores links between this employment structure and Ireland’s changing welfare regime. It considers recent institutional changes, as the welfare regime shifted to a work-first form of activation, and the long-term sustainability of the social protection system. The chapter concludes by highlighting what we see as the core challenges for the political economy of work and welfare in Ireland.

scholarly journals ПРОФЕСІЙНЕ НАВЧАННЯ БЕЗРОБІТНИХ НА СУЧАСНОМУ РИНКУ ПРАЦІ УКРАЇНИ ЯК ЧАСТИНА СТАНОВЛЕННЯ БРЕНДИНГУ ОСВІТИ

2018 ◽  
Vol 119 (1) ◽  
pp. 8-16
Author(s):  
Олена В. Птащенко ◽  
Юлія М. Тер-Карапетянц
Keyword(s):  
Labour Market ◽  
Supply And Demand ◽  
Learning Technologies ◽  
Government Support ◽  
Learning Technology ◽  
Education Services ◽  
Study Programs ◽  
Entrepreneurial Training ◽  
Favourable Environment ◽  
The Unemployed

To ensure success in promoting entrepreneurship among the unemployed it is critical to provide effective government support for those citizens who wish to start their own business, create favourable environment, including relevant financial, lending, tax policies, etc. Apparently, due to inconsistent SME legislation, high tax burden, uncertainty in business development, the effectiveness of vocational entrepreneurial training for the unemployed remains low. The paper provides an overview of unemployment rate by age along with the analysis of contemporary labour market trends in the context of implementating specific technology of vocational training for the unemployed. The research findings evidence that rapid technological changes challenge dramatic effects globally, thus triggering the need for totally new skills and professions. This situation in the labour market drives a particular focus to the latest learning technology advances, education marketing development, designing study programs for employable population of Ukraine to ensure new skills and competences building. Recent dramatic changes in Ukraine’s education system, further evolution of education services market and progressive marketing learning technologies implementation contribute to transforming education into a growing and promising sector of the economy which year by year increase the size of supply and demand for education services. Currently, the education services market as a public sphere drives media to establish and maintain strong and close relationships between its participants. In conclusion it is emphasized that modern institutions of higher education cannot be imagined without mediated patterns and diverse forms of communication as well as special tools to enhance communication between its various actors.

DETERMINANTS OF EMPLOYEES' MOVEMENT BETWEEN LABOUR MARKET SEGMENTS

2021 ◽  
Vol 572-573 (11-12) ◽  
pp. 24-31
Author(s):  
Łukasz Arendt ◽  
Wojciech Grabowski
Keyword(s):  
Labour Market ◽  
Choice Model ◽  
Labour Force ◽  
Supply And Demand ◽  
Wage Distribution ◽  
Market Theory ◽  
Market Segments ◽  
Close Proximity ◽  
Sectoral Differences ◽  
Binary Choice Model

The paper studies upgrading patterns between secondary and primary segments in Polish labour market, with reference to the Segmented Labour Market theory. The type of contact (permanent vs. fixed-term) and wage distribution were used within one framework to define these labour segments. The parameters of binary choice model, based on Labour Force Survey microdata, were estimated to calculate the probabilities of shift from secondary to primary segment, and to identify supply and demand-side determinants of this upgrading. The results are, in general, in line with the trap hypothesis, pointing out to limited chances of upward shift from secondary to primary labour segment. However, this upward mobility has increased in recent years, being a result of changes in real (measured by lowering unemployment rate) and institutional sphere of the Polish labour market. Individual’s age, education attainment, propensity to invest in human capital, as well as the size of an enterprise appeared to be the most important divers of inter-segments upgrading. Moreover, regional as well as sectoral differences in probability of upgrading were identified – this probability was higher in the case of workers living in regions with large agglomerations and close proximity to the German labour market.

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