久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

USEUROPEAFRICAASIA 中文雙語Fran?ais
China
Home / China / View

Global employment challenge

By Michael Spence | China Daily | Updated: 2011-10-19 07:55

Both advanced and developing economies need to adjust to structural changes in world economy to ensure social stability

Over the past three decades, hundreds of millions of new workers have entered the global economy. This has brought a tremendous, and ongoing, growth in income levels, opportunities and the size of the global economy, but also more employment competition and significant shifts in relative wages and prices, which is having profound distributional effects.

These massive structural changes in the global economy present three great employment challenges worldwide, with different countries facing their own variants.

The first challenge is to generate enough jobs to accommodate the inflow of new entrants into the labor market, who have various levels of education and skill. Clearly, many advanced and developing countries are failing to do so. Youth unemployment is high and rising. Even in fast-growth developing countries, surplus labor is awaiting inclusion in the economy, and the pressure is on to sustain job creation.

The second challenge is to match skills and capabilities to the supply of jobs - an adjustment that takes time. It is also a moving target. Globalization and major labor-saving technologies have thrown labor markets in many countries into disequilibrium. Skills mismatches abound. Moreover, with continuing rapid growth in developing countries, the global economy's structure is far from static.

The third challenge is distributional. As global trade expands, competition for economic activity and jobs broadens. That affects the price of labor and the range of employment opportunities within globally integrated economies. Subsets of the population gain, and others lose, certainly relative to expectations - and often absolutely.

Many advanced countries, in fact, the majority of them, have experienced limited middle-income growth. In some European countries, where income inequality has remained in check, this has been part of a deliberate strategy to maintain employment growth and competitiveness in the tradable part of the economy, with wage restraint partly shared across the income distribution. In the United States, income inequality has risen as the upper end of the income and education spectrum benefits from globalization, while the rest experience declining employment opportunities in the tradable sector.

For two decades prior to the 2008 crisis, employment levels were maintained - and downward pressure on incomes mitigated - by creating jobs in non-tradable sectors. In some cases, this took the form of rapid growth in government; in others, like the US, a pattern of excessive, debt-fueled consumption underpinned a large shift in employment to the service industry and construction. Indeed, government and healthcare accounted for almost 40 percent of net employment growth in the US between 1990 and 2008.

That pattern came to a sudden stop with the financial crisis of 2008. Private-sector leverage declined and public-sector leverage reached - and exceeded - sustainable limits.

But the expectations created by pre-crisis growth patterns have adjusted slowly. Because the dominant narrative still maintains that the pre-crisis period was normal, at least in terms of the growth pattern in the real economy, the perceived challenge is to restore growth according to the pre-crisis pattern. Unfortunately, this narrative cannot explain why, particularly in the advanced countries, growth is faltering and the employment engines have largely shut down.

Part of the answer consists in the long, lingering impact of the financial crises and deleveraging. At the same time, the financial imbalances and distortions that precede a crisis delay appropriate and necessary responses to technological and global market forces in the real economy.

In short, economies and policies adjusted in an unsustainable fashion, to some extent obscure the need for a more sustainable pattern of adaptation.

What does it mean for individuals, businesses, and governments that structural adjustment is falling further and further behind the global forces that are pushing for structural change?

It means that expectations are broadly inconsistent with reality, and need to adjust, in some cases downward. But distributional effects need to be taken seriously and addressed. The burden of weak or non-existent recoveries should not be borne by the unemployed, including the young. In the interest of social cohesion, market outcomes need to be modified to create a more even distribution of incomes and benefits, both now and in inter-temporal terms. After all, under-investment now implies diminished opportunity in the future.

The imperative for structural adjustment also implies that individuals, governments, and other institutions, especially schools, need to focus on increasing the speed of adjustment to meet the rapidly shifting market conditions. Attention to both the demand and supply sides of job markets is required. This means not only matching skills to jobs, but also expanding the range of jobs to match skills.

Finally, global economic-management institutions need to address whether the pace of globalization, and its implied structural change, is faster than the capacity of individuals, economies, and societies to adjust can withstand. If so, the next challenge will be to find non-destructive ways to moderate the pace in order to bring the capacity to adjust and the need for adjustment into closer alignment.

None of this will be easy. We do not have well developed frameworks for understanding structural change. Nevertheless, the unemployed and underemployed, especially younger people, expect their leaders and institutions to try.

The author, a Nobel laureate in economics, is professor of economics at New York University's Stern School of Business and senior fellow at the Hoover Institution, Stanford University.

Project Syndicate.

Editor's picks
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

    成人av网站免费观看| 欧美一区二区免费视频| 亚洲欧美一区二区三区孕妇| 一本色道久久综合亚洲91| 亚洲综合一区二区三区| 欧美精品一二三| 国内外成人在线视频| 国产精品国产三级国产aⅴ原创 | 成人免费一区二区三区视频| 色婷婷av一区| 日韩精品乱码免费| 国产视频亚洲色图| 欧美亚洲日本国产| 久久成人免费日本黄色| 国产精品久久久久婷婷二区次| 在线观看视频91| 开心九九激情九九欧美日韩精美视频电影 | 91美女片黄在线观看91美女| 亚洲影院在线观看| 精品蜜桃在线看| a在线欧美一区| 丝袜美腿成人在线| 日本一区免费视频| 欧美色图一区二区三区| 国产在线一区二区| 亚洲主播在线观看| 久久久国产精品午夜一区ai换脸| 91黄色激情网站| 极品美女销魂一区二区三区免费| 亚洲欧美日韩国产综合| 欧美一区二区三区成人| 99国产精品99久久久久久| 男人的天堂亚洲一区| 综合激情成人伊人| 日韩精品一区二区三区四区视频| aa级大片欧美| 精品一区二区免费在线观看| 亚洲乱码国产乱码精品精可以看| 精品国免费一区二区三区| 色一情一伦一子一伦一区| 国产自产2019最新不卡| 亚洲福中文字幕伊人影院| 中文字幕欧美日本乱码一线二线 | 日韩精品一区二区在线| 一本大道av一区二区在线播放| 久久99精品久久只有精品| 一区二区三区在线影院| 国产午夜精品久久久久久久| 在线成人av网站| 色综合久久六月婷婷中文字幕| 韩国精品主播一区二区在线观看 | 91国偷自产一区二区使用方法| 精品亚洲porn| 亚洲国产精品天堂| 国产精品美女久久久久久久久 | 欧美三级电影在线观看| 成人午夜电影网站| 久久精品国产亚洲高清剧情介绍 | 色婷婷久久综合| 国产一区二区日韩精品| 日本 国产 欧美色综合| 亚洲黄色在线视频| 国产精品久久久久久一区二区三区| 日韩欧美激情四射| 欧美老年两性高潮| 欧美综合欧美视频| 91理论电影在线观看| 成人精品电影在线观看| 国产一区二区导航在线播放| 日本vs亚洲vs韩国一区三区二区| 亚洲精品高清在线观看| 国产精品美女久久久久久2018| 精品国产乱子伦一区| 91精品国产免费| 欧美日韩国产成人在线免费| 一本久久a久久免费精品不卡| 风间由美一区二区三区在线观看| 九九视频精品免费| 蜜臀av一区二区在线免费观看| 香蕉成人啪国产精品视频综合网| 一区二区三区精品在线观看| 中文字幕佐山爱一区二区免费| 亚洲国产精品传媒在线观看| 久久一区二区三区四区| 久久伊人蜜桃av一区二区| 精品黑人一区二区三区久久| 日韩一区二区三区电影在线观看| 欧美精品aⅴ在线视频| 欧美群妇大交群中文字幕| 欧美日韩小视频| 欧美日韩国产一级二级| 欧美日韩国产高清一区二区三区 | 成人国产免费视频| 国产91精品露脸国语对白| 国产传媒一区在线| 成人性色生活片| 国产69精品久久久久777| 顶级嫩模精品视频在线看| 国产91丝袜在线播放0| 成人黄色片在线观看| 99国内精品久久| 91免费看视频| 91福利精品第一导航| 欧美三级视频在线| 欧美精品粉嫩高潮一区二区| 3d动漫精品啪啪一区二区竹菊| 欧美绝品在线观看成人午夜影视| 91精品一区二区三区在线观看| 666欧美在线视频| 日韩欧美一区二区在线视频| 精品美女一区二区| 国产欧美综合在线| 中文字幕五月欧美| 一区二区三区四区在线免费观看| 亚洲国产一区视频| 免费日韩伦理电影| 国产乱人伦偷精品视频免下载| 国产传媒久久文化传媒| 波多野结衣一区二区三区| 99re热这里只有精品免费视频| 欧美亚洲禁片免费| 欧美一区二区三区在线观看视频| 欧美大胆人体bbbb| 国产亚洲欧美中文| 亚洲青青青在线视频| 五月婷婷激情综合| 精品一区二区三区av| 成人精品免费视频| 欧美在线一二三四区| 日韩欧美在线123| 日本一区二区成人在线| 亚洲一区二区三区国产| 美女精品一区二区| 成人精品视频一区| 欧美日韩高清在线| 久久蜜臀中文字幕| 亚洲男人的天堂在线aⅴ视频| 三级久久三级久久久| 国产成人综合精品三级| 一本色道**综合亚洲精品蜜桃冫| 69久久99精品久久久久婷婷| 国产亚洲成av人在线观看导航 | 欧美日韩国产一区| 久久免费午夜影院| 亚洲免费观看高清完整版在线观看 | 午夜婷婷国产麻豆精品| 久久9热精品视频| 北条麻妃国产九九精品视频| 欧美卡1卡2卡| 欧美极品xxx| 首页国产欧美日韩丝袜| 国产一区二区三区免费播放| 色网站国产精品| www国产成人| 一区二区三区不卡视频| 精品无码三级在线观看视频 | 精品日韩一区二区三区免费视频| 国产精品美女久久久久久| 丝袜美腿亚洲色图| 不卡的av在线| 欧美一级淫片007| 亚洲欧美日韩国产一区二区三区| 蜜臀av性久久久久蜜臀aⅴ流畅 | 国产精品久久久久久户外露出| 婷婷成人激情在线网| 成人午夜视频免费看| 91精品国产综合久久久蜜臀图片 | 中文字幕在线视频一区| 日本欧美一区二区| 色综合久久中文字幕综合网| 欧美精品一区二区三区蜜臀| 亚洲成人自拍网| 成人美女在线视频| 欧美成人猛片aaaaaaa| 一级做a爱片久久| 国产99久久久久久免费看农村| 91.xcao| 亚洲欧美激情小说另类| 国产精品主播直播| 欧美精品自拍偷拍动漫精品| 亚洲少妇中出一区| 国产精品羞羞答答xxdd| 日韩视频免费观看高清完整版 | 99精品视频在线免费观看| 精品盗摄一区二区三区| 亚洲电影一区二区| 92精品国产成人观看免费| 久久久久久综合| 日本不卡的三区四区五区| 欧美亚洲高清一区| 综合久久给合久久狠狠狠97色 | 欧美顶级少妇做爰| 亚洲男人天堂av网| 成人av网站在线观看免费| 欧美精品一区二区三区蜜桃| 日日摸夜夜添夜夜添精品视频| 在线观看视频一区二区欧美日韩| 国产精品久久久久影视| 国产不卡高清在线观看视频| 精品免费日韩av|