A Shoebox of Photographs with Sepia-toned Loving..
The economics of employment.
Unemployment is not just an economic problem, it is the root of larger societal problems when people who strive to be gainfully employed lack opportunities to do so. a greater problem lies in structural unemployment when because of changes in the economy, citizens are left out of employment opportunities because of a lack of or mismatch in the skills required. with structural changes in advanced economies taking rapidly, entire industries and sectors are being relocated out of countries by corporations seeking to take advantage of cost advantages abroad. such changes are irreversible, as developing economies catch up and attract more corporations seeking cost effectiveness as all industries become increasingly competitive globally.
As much as misplaced industries cannot be easily replaced, misplaced workers often find it difficult to find employment as they find themselves irrelevant both in terms of experience and skills. as an economy shifts towards higher value-add sectors, these new sectors create jobs that require higher levels of specialised technical knowledge that previously displaced workers cannot meet. job creation on a country wide basis often masks increasing rigidities in employment opportunities and labour supply. countries need long term planning that takes into account the effect of changing industrial patterns as a result of globalisation and technological advancement as well as labour marker rigidities that are a result of various education, manpower and legal policies over decades.
Foresight is an art, in as much as it incorporates as much science in modelling and scenario analysis, it is ultimately an attempt to imagine the future, fraught with uncertainty. yet without any attempt to do so, is to feign ignorance and trust that labour markets and citizens will sort themselves out. this will be the root of increasing social instability as disenfranchised citizens find themselves misplaced and lacking the necessary skills to find jobs in the shifting economic landscapes. it is important thus for governments to consider the effects of changes in the economic landscape on employment across different age groups, skill bases and educational level across all its policies. the incentive to work, the reward for diligence, the belief in one’s labour and the ability to reap the fruits of one’s labour must remain as key foundations of any economy, in any state of economic development or progress.