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Labor market segmentation is the division of the labor market according to a principle such as occupation, geography and industry. [ 1 ] One type of segmentation is to define groups "with little or no crossover capability", such that members of one segment cannot easily join another segment. [ 2 ]
The dual labour market (also referred to as the segmented labour market) theory aims at introducing a broader range of factors into economic research, such as institutional aspects, race and gender. [1] [citation needed] It divides the economy into two parts, called the "primary" and "secondary" sectors. The distinction may also be drawn ...
This results in a market failure, meaning that the wage is not being set according to the labor market's needs or preferences. A behavior of the insider-outsider model is illustrated at right, where Nd represents the optimal level of employment of labor firms and Ns represents the quantity of labor time workers desire to supply at a given wage ...
However, the labour market differs from other markets (like the markets for goods or the financial market) in several ways. In particular, the labour market may act as a non-clearing market. While according to neoclassical theory most markets quickly attain a point of equilibrium without excess supply or demand, this may not be true of the ...
External numerical flexibility is the adjustment of the labour intake, or the number of workers from the external market. This can be achieved by employing workers on temporary work or fixed-term contracts or through relaxed hiring and firing regulations or in other words relaxation of employment protection legislation, where employers can hire and fire permanent employees according to the ...
Labor demand; Labor market of Japan; Labor market segmentation; Labor mobility; The labor problem; Labor theory of value; Labour Economics (journal) Labour market flexibility; Labour supply; Lewis turning point; Lump of labour fallacy
The term is also commonly used to describe the false belief that increasing labour productivity, automation, immigration, or women's participation in the workforce causes an increase in unemployment. The facts show that just like the amount of labor is not fixed, neither is the size of the economy (fixed pie fallacy) and as more work is done ...
Capital market shares some of the "imperfections" of the labor market discussed above: long term relationships between banks and borrowers act like the long term employment relationship between an employer and their workers. Like layoffs in the labor market, there is credit rationing in the financial market. Also, a typical loan contract is ...