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Why progress does not require movement

In: The Labour Market Myth

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Abstract

An important characteristic of the labour market in the standard economic model is that it is dynamic: well-functioning markets react to changes in the economy by adapting labour demand and/or supply through the price mechanism, so that market equilibrium Is quickly restored. This chapter examines various types of dynamics on the labour market and argues that they are often misinterpreted or misunderstood. It questions the rise of the 24/7 economy, the increase of job-to-job mobility and the fragmentation of the life course and show that these alleged trends are highly overestimated. Employment has not become more volatile over the past half century. Nevertheless, profound but gradual changes have taken place in the composition of employment by industry. These gradual long-term evolutions are much more important than short-term dynamics and flexibility.

Suggested Citation

  • ., 2024. "Why progress does not require movement," Chapters, in: The Labour Market Myth, chapter 5, pages 105-126, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:23410_5
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    File URL: https://www.elgaronline.com/doi/10.4337/9781035334452.00010
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