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Labour economics seeks to understand the functioning and dynamics of the markets for wage labour. Labour is a commodity that is supplied by labourers in exchange for a wage paid by demanding firms. Because these labourers exist as parts of a social, institutional, or political system, labour economics is often regarded as a sociology or political science.
Unemployment, according to the OECD, is persons above a specified age not being in paid employment or self-employment but currently available for work during the reference period.
The economy of the Netherlands is the 17th largest in the world in 2021 according to the World Bank and International Monetary Fund. Its GDP per capita was estimated at roughly $57,101 in the fiscal year 2019/20 which makes it one of highest-earning nations in the world. Between 1996 and 2000, annual economic growth (GDP) averaged over 4%, well above the European average of 2.5% at the time. Growth slowed considerably in 2001–05 as part of the global economic slowdown. 2006 and 2007 however showed economic growth of 3-4% per annum. The Dutch economy was hit considerably by the financial crisis of 2007–2008 and the ensuing European sovereign-debt crisis.
Wassenaar is a municipality and town located in the province of South Holland, on the western coast of the Netherlands.
Employment is a relationship between two parties, usually based on a contract where work is paid for, where one party, which may be a corporation, for profit, not-for-profit organization, co-operative or other entity is the employer and the other is the employee. Employees work in return for payment, which may be in the form of an hourly wage, by piecework or an annual salary, depending on the type of work an employee does or which sector they are working in. Employees in some fields or sectors may receive gratuities, bonus payment or stock options. In some types of employment, employees may receive benefits in addition to payment. Benefits can include health insurance, housing, disability insurance or use of a gym. Employment is typically governed by employment laws, organisation or legal contracts.
Unemployment benefits, also called unemployment insurance, unemployment payment, unemployment compensation, or simply unemployment, are payments made by authorized bodies to unemployed people. In the United States, benefits are funded by a compulsory governmental insurance system, not taxes on individual citizens. Depending on the jurisdiction and the status of the person, those sums may be small, covering only basic needs, or may compensate the lost time proportionally to the previous earned salary.
The polder model is a method of consensus decision-making, based on the acclaimed Dutch version of consensus-based economic and social policymaking in the 1980s and 1990s. It gets its name from the Dutch word (polder) for tracts of land enclosed by dikes.
Social dialogue is the process whereby social partners negotiate, often in collaboration with the government, to influence the arrangement and development of work-related issues, labour market policies, social protection, taxation or other economic policies. It is a widespread procedure to develop public policies in Western Europe in particular.
Flexicurity is a welfare state model with a pro-active labour market policy. The term was first coined by the social democratic Prime Minister of Denmark Poul Nyrup Rasmussen in the 1990s.
Social partnership is the term used for the tripartite, triennial national pay agreements reached in Ireland.
Decent work is employment that "respects the fundamental rights of the human person as well as the rights of workers in terms of conditions of work safety and remuneration. ... respect for the physical and mental integrity of the worker in the exercise of his/her employment."
A job guarantee (JG) is an economic policy proposal aimed at providing a sustainable solution to the dual problems of inflation and unemployment. Its aim is to create full employment and price stability by having the state promise to hire unemployed workers as an employer of last resort (ELR).
The Euro-Plus Pact was adopted in March 2011 under EU's Open Method of Coordination, as an intergovernmental agreement between all member states of the European Union, in which concrete commitments were made to be working continuously within a new commonly agreed political general framework for the implementation of structural reforms intended to improve competitiveness, employment, financial stability and the fiscal strength of each country. The plan was advocated by the French and German governments as one of many needed political responses to strengthen the EMU in areas which the European sovereign-debt crisis had revealed as being too poorly constructed.
The Labor policy in the Philippines is specified mainly by the country's Labor Code of the Philippines and through other labor laws. They cover 38 million Filipinos who belong to the labor force and to some extent, as well as overseas workers. They aim to address Filipino workers’ legal rights and their limitations with regard to the hiring process, working conditions, benefits, policymaking on labor within the company, activities, and relations with employees.
Wim Driehuis is a Dutch economist, Emeritus Professor Economics and Business at the University of Amsterdam.
Unemployment in India, statistics has traditionally had been collected, compiled and disseminated once every five years by the Ministry of Labour and Employment (MLE), primarily from sample studies conducted by the National Sample Survey Office. Other than these 5-year sample studies, India has – except since 2017 – never routinely collected monthly, quarterly or yearly nationwide employment and unemployment statistics. In 2016, Centre for Monitoring Indian Economy – a non-government entity based in Mumbai, started sampling and publishing monthly unemployment in India statistics.
Unemployment in Hungary measured by the Hungarian Central Statistical Office shows the rate of unemployed individuals out of the labor force. The European Union's own statistical office, Eurostat also makes reports and predictions about the Hungarian job market and the unemployment rate in the country. The KSH's most recent unemployment data shows the unemployment rate for men 15-74 to be 3.3% and 4.1% for women.
Pierre Cahuc is a French economist who currently works as Professor of Economics at Sciences Po. He is Program Director for the IZA Institute of Labor Economics's programme "Labour Markets" and research fellow at CEPR. His research focuses mainly on labour economics and its relationship with macroeconomics. In 2001, he was awarded the Prize of the Best Young Economist of France for his contributions to economic research. He belongs to the most highly cited economists in France and Europe's leading labour economists.
Wage growth is a rise of wage adjusted for inflations, often expressed in percentage. In macroeconomics, wage growth is one of the main indications to measure economic growth for a long-term since it reflects the consumer's purchasing power in the economy as well as the level of living standards. An increase in wage growth implies price inflation in the economy while a low wage growth indicates deflation that needs artificial interferences such as through fiscal policies by federal/state government. Minimum wage law is often introduced to increase wage growth by stimulating price inflations from corresponding purchasing powers in the economy. Wage growth can also be maximised through the development of industry factors by investing skilled workers in which decision made by businesses. More financial compensation for skilled workers not only lifts wage growth but stimulates higher market prices in the economy.
The Moncloa Pacts were economic and political agreements to address inflation and unemployment during the Spanish transition to democracy in the late 1970s.
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