Economic theory related to labor participation Essay Example
Introduction
Labor force participation is the percentage of the working age in a given population .It comprises both the unemployed people who are looking for job and the working class. Student’s, non-civilians and home makers are not part of the labor force. Currently in US the rate of labor force has declined due to modesty. The US labor participation was 67%-68% though this has declined (Shimer, 1999).
Keynesian model is very much related to labor force participation. Accordingly aggregated demand of labor is low in the current economy. The overall involvement of the youth in the labor market will be weak (Keynes 1973).Assuming that the supply and demand model labor market was the single static market that has perfect competition and institution for double auction bidding. In this theory quality is measured by some workers supply
...in labor employment. According to Shimer, different pieces of evidence show the most common possible causes of the decline of youth in the labor market.
Lack of skills and information among the youth is an important challenge that drives them to the situation that hinders them from labor force participation. Corruption in job sector results to stagnation in office and thus leaving no vacancy for the youth (Ragan et al., 1977). Weak economic of scale leads to unemployment Government policy also young people to labor participation, for instance, the fresh graduates who are ready to get in their profession may fail to qualify for job opportunity due to lack of job experience(Shimer et al., 1999). Studies are also hindering in students in labor participation they have most of their time in class. The above factors have led to change in labor force
participation rates over the last decade. Youth have declined in labor force participation.
In conclusion, religion plays a vital role in the workforce; we have quite a several biblical insights that influence one's decision to work. God worked for six days and rested on the seventh day. It further teaches that man is designed to experience success and fulfillment through hard work. This drives the man to job industry. As a follower of the scripture, we are supposed to view labor force being opportunity to serve God. Being persevering and reflecting on our work during Labor Day and anytime.
References
- Bartholomew, Craig and Daniel Treier. Theological Interpretation of the Old Testament: a Book by-Book Survey. Ed. Kevin J.Vanhoozer.Baker Academic, 2008.
Keynes, J. M. (1937). The general theory of employment.The quarterly journal of economics, 209-223. - Ragan, James F."Minimum wages and the youth labor market." The Review of Economics and Statistics (1977): 129-136.
- Shimer, R.(1999).The impact of young workers on the aggregate labor market (No. w7306).National Bureau of Economic Research.
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