Labor Productivity Loss in Case of Death in Thailand
International Journal of Economics & Business Administration (IJEBA), 2020, vol. VIII, issue 2, 488-500
Purpose: This study aims to analyze the loss of labor productivity in the case of death in Thailand by measuring the average product of labor to assess the impact of the significant labor loss on the national economy. Methodology/Approach: To analyze the labor productivity loss in Thailand caused by death, this research uses secondary data matched with suitable models to assess the labor situation in Thailand, both now and in the future. Findings: The results of this study show that the total labor productivity loss in the case of death equated to about half a trillion baht in 2014 and more than 0.6 trillion baht in 2018, representing an increase of about 7.75%. The labor productivity loss in 2018 accounted for 5.81% of GDP and the accumulated value from 2014–2018 equated to more than 28% of GDP. This illustrates that the problem of significant labor loss in Thailand is becoming more important and needs to be resolved. Practical implications: The results of this study highlight the importance of labor loss and government investment in public health, solving crime, and accident avoidance to reduce labor productivity loss. Appropriate policies can help alleviate the situation. Originality/Value: This study analyzes the value of labor productivity loss in Thailand, raising awareness concerning the importance of the current situation and provides a foundation for properly addressing the issue.
Keywords: Labor productivity loss; average product of labor; ARIMA; forecast; Thailand. (search for similar items in EconPapers)
JEL-codes: J82 J88 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:ers:ijebaa:v:viii:y:2020:i:2:p:488-500
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