Labor Market Flexibility and Unemployment: A Study of the United States
DOI:
https://doi.org/10.47604/ijecon.2446Keywords:
Labor Market Flexibility, UnemploymentAbstract
Purpose: The aim of the study was to investigate the labor market flexibility and unemployment: a study of the United States
Methodology: This study adopted a desk methodology. A desk study research design is commonly known as secondary data collection. This is basically collecting data from existing resources preferably because of its low cost advantage as compared to a field research. Our current study looked into already published studies and reports as the data was easily accessed through online journals and libraries.
Findings: The study on Labor Market Flexibility and Unemployment in the United States found that while flexibility can foster job creation, it also exacerbates structural unemployment. Certain groups, like minorities and low-skilled workers, are disproportionately affected. Additionally, technological advancements and globalization reshape the labor market. Labor market institutions play a crucial role in mediating flexibility's impact. Overall, nuanced policy interventions are needed to address unemployment challenges.
Unique Contribution to Theory, Practice and Policy: Structural unemployment theory, dual labor market theory & institutional theory of labor markets may be used to anchor future studies on the labor market flexibility and unemployment: a study of the United States. Practical recommendations could include fostering a supportive environment for entrepreneurship and innovation, enhancing access to lifelong learning and skill development opportunities, and implementing targeted measures to support vulnerable groups in the labor market. From a policy perspective, the study should advocate for evidence-based policymaking that prioritizes the promotion of inclusive growth and social cohesion.
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