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THE IMPROVEMENT OF THE INSTITUTIONAL COMPONENT OF THE STATE REGULATION OF THE NATIONAL LABOR MARKET BALANCE

V. Sybirtsev ()
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V. Sybirtsev: Associate Professor of Labor Economics and Management Department of Kirovohrad National Technical University

Economics of Development, 2017, vol. 81, issue 1, 40-49

Abstract: The main prerequisite for the successful functioning of the national economy is the availability of sufficient labor potential harmonized with the current state of the labor market and with the targets of its development. Such harmonized condition should be traceable at all stages of the labor resource reproduction and it should reveal itself in the lack of imbalances and institutional traps in the labor market functioning. In view of this the problem of achieving and maintaining the desired level of market balance becomes relevant. The development of the theoretical and methodological component for the formation and regulation of the state control of the national labor market balance has been investigated, this component being oriented to the improvement of the available labor market institutions and establishement of an optimal interrelation between the parameters of these institutions and the labor market characteristics. The author's hypothesis presupposes the reduction of state regulation to the maximization of the employment potential through harmonization of, first, the countervailing vectors of the national economy development and, secondly, the antagonistic interests of the labor market participants. The meaning of the labor market balance has been expanded by entering an additional list of proportions and rational correlations between different parameters of the labor market operation and development; the fractal and hierarchical approach to determining the characteristics of the labor market balance has been used; the system of classification criteria of the labor market balance has been introduced; the strategic component of achieving the national labor market long-term balance has been researched; the balance of the labor market has been considered in the context of overcoming the existing imbalances of the labor market and in the way of maximizing the economic security of this market. A distinctive feature of the proposals consists in adopting the concept of bounded rationality and rejection of the possibility of achieving an equilibrium state of the labor market in favor of the concept of dynamic imbalance. Another difference is the focus on the cumulative impact of the labor market disproportions in different periods of time on the characteristics of economic development. This cumulative impact has been demonstrated via the model of system dynamics which has been extended by the characteristic of strategic delay in the national labor market balancing.

Keywords: labor market; labor market balance; government regulation; labor market imbalances; institutional design; labor potential (search for similar items in EconPapers)
Date: 2017
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