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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 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 ]
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 ...
A labor market area is a geographic area or region defined for purposes of compiling, reporting, and evaluating employment, unemployment, workforce availability, and related topics. It can be defined as an economically integrated region within which residents can find jobs within a reasonable commuting distance or can change their employment ...
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 ...
A tight labor market alone can't undo a legacy of unequal school funding, residential segregation or the disproportionate rate of incarceration for black Americans. Nor can it reverse the gradual shift of well-paying jobs from inner cities to mostly white suburbs.
The primary argument is that the economic gains accruing from the division of labour far outweigh the costs, thus developing on the thesis that division of labour leads to cost efficiencies. It is argued that it is fully possible to achieve balanced human development within capitalism and alienation is downplayed as mere romantic fiction.
A review conducted by the federal government on pay scale shows that employees in a labor union earn up to 33% more income than their nonunion counterparts, as well as having more job security, and safer and higher-quality work conditions. [50] The median weekly income for union workers was $973 in 2014, compared with $763 for nonunion workers. [1]