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…
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 ...
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