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Application of the Naturally Optimised Revenue Demand in Communities NORDIC Model to Improve the Workforce in Sweden

Jan Stenis

Applied Economics and Finance, 2020, vol. 7, issue 2, 18-23

Abstract: The Naturally Optimised Revenue Demand in Communities (NORDIC) model was employed to improve the workforce. The proposed model produced constructed shadow costs to be inserted into the public accounts to induce economic incentives to increase the employment-to-population ratio. The resulting shadow cost, and its impact on the PSBR, constitutes a single key factor that by one digit only, expresses how successful the labour policy is over time. The launched model considered and promoted the health of the workforce and reduced the costs of non-employment. This case study showed how the workforce in the Swedish society could be improved by application of the NORDIC model, that is the system of cooperation between workers and employers. The results point at a promising methodology for improving the health of the workforce and increasing the employment-to-population ratio by using economic instruments. The study concludes that the versatile NORDIC model could be used to improve the Swedish workforce and its quality of life, particularly for seniors. Possible end users include labour authorities and politicians that want a comprehensive tool to redesign the labour policy. The NORDIC model is recommended to apply to labour issues, and employ to improve the health of the workforce. Further research should focus on developing algorithms for certain sections of the workforce.

JEL-codes: R00 Z0 (search for similar items in EconPapers)
Date: 2020
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Handle: RePEc:rfa:aefjnl:v:7:y:2020:i:2:p:18-23