Earning a Living

Karl Taylor and Jane Bryan

Chapter 3 in Wales in the 21st Century, 2000, pp 25-36 from Palgrave Macmillan

Abstract: Abstract Other chapters describe the role of industrial and occupational structure with particular reference to under-participation and inactivity. This chapter is more concerned with how that structure impacts on work and reward. Economic output requires a variety of inputs including both capital and people. The reward for labour inputs (earnings) is dependent on the efficiency with which these resources are brought to bear and their contribution. However, adjustments to human reward (personal earnings) also occur as a result of market fluctuations in the demand and supply of given skills in a region, with the consequence that returns for skills differ from one region to another. For example, poor supply (shortage) coupled with high demand for skilled labour in a region will result in higher returns for that labour. Equally, an oversupply of particular skills coupled with low demand would reduce their return. This, in turn, will alter perceptions of the value an individual accords to him or herself.

Keywords: Skill Shortage; Occupational Structure; Formal Skill; Weekly Earning; Earning Performance (search for similar items in EconPapers)
Date: 2000
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-333-98153-5_3

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DOI: 10.1057/9780333981535_3

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