StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Effects of Structural Changes in the Economy of United Kingdom and How the Labor Market is affected - Essay Example

Cite this document
Summary
Class Date Effects of Structural Changes in the Economy of United Kingdom and How the Labor Market is affected Introduction Economy is one of the most significant forces that influence prosperity of a nation in terms of growth and development…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER96.6% of users find it useful
Effects of Structural Changes in the Economy of United Kingdom and How the Labor Market is affected
Read Text Preview

Extract of sample "Effects of Structural Changes in the Economy of United Kingdom and How the Labor Market is affected"

Download file to see previous pages

This means that the manner in which the human resource departments of various organizations operate under different economic conditions is influenced by the prevailing economic conditions hence affecting the labor market. In other words, changes that occur in the economy have significant effects on the labor markets and practices of human resource entities of many organizations. It is arguably true that the past changes in the economy have a close relationship with what happens today. This is probably brought about by the fact that changes in the economy are caused by interdependent events that take place over time.

One of the most conspicuous effects of structural changes of the economy is inequality in the labor markets. This effect is because of different factors that dictate certain labor relates issues at a national, regional or even the global economy level. This paper addresses how structural changes in the economy affect the labor market and subsequently how human resource practices are influenced by such changes. A closer analysis of this issue draws much information from the trends observed in United Kingdom and London in particular.

This explains various economic causative factors that affect the labor market resulting into inequality as one of the main effects. Understanding the Structure of an Economy and the Structural Changes An economy is analyzed using different factors that can be observed within an economy. Parts called sectors are the principal elements of defining and analyzing an economy. It is difficult to assess an economy without understanding the components that make its structures. Sectors may be defined using groups of industries or even different parts of various industries.

Sectors are categorized into primary, secondary or tertiary (Anelore 11). These categories are used to explain different phenomena associated with structural changes of an economy. Primary sector embrace all activities that are directly linked to the use of natural resources while secondary sectors include all activities of production of goods (Zoltan 11; Anelore11). The tertiary sector refers to all services in the private sector such as insurance, banking, and finance among others (Unknown Author, 2: Mukesh et al. 38). A combination of primary and secondary sectors is referred to as the goods sector (Smith & Grant 76).

The three sectors of the economy that define the structures of an economy are pertinent in highlighting various effects of structural changes of the economy to labor markets. It is obvious that when there are shifts in any of these sectors, there are certain changes that are structural within the economy thus affecting the labor market. This is because employment and employment requirements are influenced by the economy. Although there is a no a consensus over what elements that define structural changes of an economy, there are different theoretical explanations that define these changes.

Irrespective of the varied perspectives by different intellectuals, structural changes within an economy can be defined as changes that have occurred within an economy causing fundamental shifts in the way an economy is organized to hitherto. This makes it necessary to understand past trends of an economy before embarking on investigating current trends. In relation to the effects of the changes to the labor market, structural change of an economy is the shift from manufacturing-dependent to service based

...Download file to see next pages Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Effects of Structural Changes in the Economy of United Kingdom and How Essay”, n.d.)
Effects of Structural Changes in the Economy of United Kingdom and How Essay. Retrieved from https://studentshare.org/management/1402047-labour-market-change
(Effects of Structural Changes in the Economy of United Kingdom and How Essay)
Effects of Structural Changes in the Economy of United Kingdom and How Essay. https://studentshare.org/management/1402047-labour-market-change.
“Effects of Structural Changes in the Economy of United Kingdom and How Essay”, n.d. https://studentshare.org/management/1402047-labour-market-change.
  • Cited: 1 times

CHECK THESE SAMPLES OF Effects of Structural Changes in the Economy of United Kingdom and How the Labor Market is affected

Banking System in the United Kingdom

Banking System in the united kingdom: Reliance, Deregulation, Economic Downturn, Policies, and Remedies to Avoid a Double-Dip Recession Donna Purcell Order # 609414 University Banking System in the united kingdom: Reliance, Deregulation, Economic Downturn, Policies, and Remedies to Avoid a Double-Dip Recession Introduction “One ring-fence to rule them all and in the darkness bind them” (Morrison & Foerster, 2011).... hellip; These words were extracted from the final report of the united kingdom's Independent Commission on Banking published on September 12, 2011....
13 Pages (3250 words) Essay

Changes in Unemployment Statistics in UK over Time

_______________________________ 1Trading Economics, “united kingdom Unemployment Rate”.... 3 Trading Economics, “united kingdom Unemployment Rate”.... changes in Unemployment Statistics in UK over Time Report March 12, 2012 s Institution's Name Introduction To attain an eloquent grasp of social and business issues, the use of statistical techniques is requisite.... om/united-kingdom/unemployment-rate >, accessed 12, March 2012....
4 Pages (1000 words) Assignment

Euro-Definition, History, & Facts

nbsp;  Of the European Union member states outside the euro area, this paper studies the position of the united kingdom on the adoption of the euro.... arts VI and VII look into the stand of the united kingdom (UK) on the adoption of the euro.... hellip;  Now, years after its adoption, this paper discusses the effects of the euro on the member states of the euro area and ultimately to international business and trade.... Part II presents the effects of the euro in international business and trade as the second largest currency in the world economy....
14 Pages (3500 words) Research Paper

Causes of High Unemployment

High payroll taxes, in addition to such stringent labor market regulations as the… At the same time, generous welfare benefits for the unemployed reduce their incentive to accept jobs at these low wages.... He emphasized the distortions caused by the united kingdom welfare state as the principal culprit.... The resulting wedge between what loyers are willing to offer and what workers are willing to accept explains why united kingdom unemployment is so much higher than in the United States, where taxes and benefits are considerably lower....
14 Pages (3500 words) Essay

Effects on Migration of Labor Market

Taking into account the integration of Romania into the European Union, this study attempts to look at the real effects of the last decade's political development on the Romanian economy and the labor market; whether or not there have been any short-term and long-term benefits… In this light, this study concentrates on the analysis of one of the leading Romanian industries – hotel hospitality. The synthesis of this study covers the aspects of the state of the labor market and the extent to which the EU membership Thus, conclusions are directed towards the development of the hospitality industry and the labor market in Bucharest....
40 Pages (10000 words) Thesis

Consequences of Migration in the UK Labor Market

In this concerned discussion, the main aim is to highlight how migration has led to changes in the labor market of the United Kingdom.... Consequently, the labor market has become more congested and as an effect, the wages of labors have been reduced specifically.... The paper "Consequences of Migration in the UK labor market" investigates aftermaths of the movement of population for social shifts in Britain: a wide range of good specialists, practicing of the international HRM by large companies, but on the other hand, it's a decline in wages, unemployment....
7 Pages (1750 words) Term Paper

Impacts of Globalization on the Labour Market in the United Kingdom

The State of united kingdom was able to maintain its stature as a highly developed country.... From the paper "Impacts of Globalization on the Labour Market in the united kingdom" it is clear that globalization is not the ultimate solution to the united kingdom's economic problem.... nbsp; Considering all the factors and the position of the UK government which strives to make globalization work for the people of the united kingdom, the overall picture of the labour market depicts a highly favourable situation for Great Britain's global economy....
27 Pages (6750 words) Research Paper

How Educational Inequality Affect Social Class Mobility in the UK

The population of the united kingdom holds more qualifications in education, this is because of the perception that higher education enhances the productivity of individuals and generates a wage pay off.... This paper, therefore, seeks to discuss how educational inequality affects social class mobility in the united kingdom.... This report "how Educational Inequality Affect Social Class Mobility in the UK" discusses inequalities in education that affects social class mobility in many significant ways, limitations of education access lead to poverty where employers prefer workers with higher educational qualifications....
8 Pages (2000 words) Report
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us