Labor Market

Published: 2021-06-29 06:45:45
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Category: Social Issues

Type of paper: Essay

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The labor market, as well as the markets of goods, securities etc., is an important component of the economy. It is related to such aspects as negotiations between businessmen and workers concerning employment, working conditions and wages.
Investigating the mechanism of the market economy, Karl Marx stated that a labor forces as «a set of physical and spiritual abilities which the human organism possesses» is a good, and the working relations between individuals are based on free purchase and sale of a labor where its price is the wages1. During that period premonopolistic capitalism the satisfaction of a labor demand and supply for working conditions was carried out spontaneously, through one-stage actions of the parties not bearing the responsibilities. Therefore the term "labor market» was related to reference sphere according to Marx.
Along with the capitalism development, its transition to monopolistic stage economic relations and economic relations become more complicated. The labor market has experienced changes as well. Terms of employment included now not only the salary and working hours, but also the employment guarantees, paid, but not fulfilled working hours (i.e. holiday), various social payments, etc; changed the entrepreneurs' attitude towards labor. Development of manufacturing process has shown increased requirements to quality of a labor: qualifications, professional and general education, the creativity, high quality of work. Firms actively participated in the financing of personnel training and retraining that was required due to the rapid development of scientific and technical progress.
Today the labor market is a system of the public relations reflecting a level of development and balance reached for the given period of interests between forces present in the market: businessmen, workers and the state. The state represents itself as the employer at the state enterprises and also an investor, financing large-scale projects and development programs. However its main function is the regulation of interests between employers and employees. In the result the base for decision-making and a mechanism of regulation of a labor market where both social and protective systems come together is created.

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