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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 ...
Remarkably Bright Creatures is a novel by American author Shelby Van Pelt. It was published in May 2022 by Ecco Press. It has been on the New York Times hardcover fiction best-seller list multiple times. [1] It was awarded the 2023 McLaughlin-Esstman-Stearns First Novel Prize by the Writer's Center. [2]
Transformation problem: The transformation problem is the problem specific to Marxist economics, and not to economics in general, of finding a general rule by which to transform the values of commodities based on socially necessary labour time into the competitive prices of the marketplace. The essential difficulty is how to reconcile profit in ...
Active labour market policies are based on the concept of social investment, which rests on the idea of basing decision-making on the welfare of society in quantifiable terms, by increasing the employability, incomes and productivity of economic agents, so this approach interprets state expenditure not as consumption but as an investment that will produce returns on the welfare of individuals.
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 ...
[citation needed] As an example of how polarization is affected by labor demand, rather than skill distributions, changing patterns of employment and earnings show strong correlations between wages and the proportion of a skill group employed. When fewer are employed, the wages go down rather than up as simple supply and demand would predict.
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 ...
A textbook treatment of the matching approach to labor markets is Christopher A. Pissarides' book Equilibrium Unemployment Theory. [1] Mortensen and Pissarides, together with Peter A. Diamond, were awarded the 2010 Nobel Prize in Economics for 'fundamental contributions to search and matching theory'. [2]