ECON 241 Lecture Notes - Lecture 7: Economic Security, Offshoring, Unemployment Benefits
16 Apr 2015
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4-6 briefly describe phrase or term and explain why important for social policy 3 sentences long. 1-2 other longer answer questions: tell me everything you know about blah blah blah. Marked out of 50, 25% of final grade. Will cover through the end of the labor market stuff. Economic context: labor market trends (a) rise of nsw: low wage, low skill work (b) increase inequality in earnings. Both arise due to changes in nature of production and work. Allowed relatively low skill workers to earn a solid middle class living and provide for economic security. Increase importance of services as manufacturing became less important. Large inventories disappeared to just in time inventory and delivery. Downsizing and looking at core activity: loss of jobs. 3 firm responses: train workers, innovate and adapt to changing market, may involve job loss but small, continue as usual, slowly become uncompetitive and eventually fail, offshore to lower wage country.
