Term Paper on "International Labour Economics"

Term Paper 7 pages (2169 words) Sources: 7

[EXCERPT] . . . .

International Labor Economics

Programme Title

Module Number & Name

International Labour Economics (Irish Labour Market)

Statistical Profile of Irish Labour Market

The Republic of Ireland is a member of the European Union in order to maximize its international benefits in relation to the economy. Republic of Ireland represents one of the vital players in the global market with respect to its population levels and geographical size. The labour market of the Republic of Ireland continues to experience numerous radical changes towards improving the living conditions of the citizens. The population of the country has been on the rise, which is observable from Figure 1 below.

Population of Ireland (IRLPOPL) (http://www.statusireland.com/statistics/recentlychanged/12/Population-Growth-of-Ireland.html)

The latest census (2011) in relation to the Republic of Ireland shows that the current population growth projects at approximately 4,588,252 individuals. This indicates rapid growth in the context of the 2006 population of about 348,404. To understand the performance and models available in the Irish labour market, it is crucial to consider statistical analysis of GDP, Inflation rates, and employment opportunities in consideration of the economic situation at the international level.

Ireland GDP Growth Rate

The GDP of Ireland represents contraction during the final quarter in the year 2011 of about 0.2% with respect to the third quarter. The GDP of Ireland from 2000 averages at 0.61% growth rate. The highest GDP percentage

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of the country records at 5.4% in 2007. Economic activities within the economy dropped in 2008 drastically forcing the country to enter into recession for the first time in more than 10 years. Export sector remains the key player within the Irish economy. Figure 2 shows the GDP projections of Ireland from 2010 to 2012.

Figure 2: Ireland GDP Growth Rate (http://www.tradingeconomics.com/ireland/gdp-growth)

Inflation Rate of Republic of Ireland

The inflation rate of Ireland as at May 2012 shows about 1.8%. The inflation rate of the country averages at 5.31% from 1976 to 2012. In 1981, this inflation rate achieved its highest ever percentage of 23%. The figure 3 below illustrates the fluctuation of the inflation rate of the Republic of Ireland from 2010 to 2012.

Figure 3: Ireland Inflation Rate (http://www.tradingeconomics.com/ireland/inflation-cpi)

Unemployment Rates in Ireland

Unemployment rates indicate the portion of the country or the economy that has the potential to work but lack the opportunity to apply their skills and expertise. Unemployment rates of Ireland can be put into three different categories to allow for insightful study of the labour market. Figure 4 illustrates unemployment rates in relation to individuals between the ages of 16 and 24 years. This data shows sharp upward movement of the unemployment rates from 1995 to 2010.

Figure 4: Unemployment Rates (http://www.poverty.org.uk/i35/index.shtml)

Research shows that two fifths of the unemployed individuals in the Republic of Ireland age below 25. This follows the illustration of figure five that represents fluctuations of the labour market in relation to unemployment rates.

Figure 5: Unemployment Rates in Ireland (http://www.poverty.org.uk/i35/index.shtml)

The projections of the unemployment rate of 16 to 24-year-olds in the Republic of Ireland is lower than most of the regions within the geographical description of Britain. This is according to the illustrations of the figure 6 below.

Figure 6: Unemployment Rates (http://www.poverty.org.uk/i35/index.shtml )

This indicates that the Republic of Ireland is on the right track in trying to reduce the levels of unemployment rates within the economy. This is down to effective and efficient economic models and policies by the labour market of the country.

Net Migration Rates

The figure 7 shows the fluctuating conditions of migration within the Irish labour market from 2003 to 2011. This shows low percentage of migration rates (inward and outward) within this market under the European Union jurisdiction.

Figure 7: Migration Rates of the Republic of Ireland (http://www.statusireland.com/statistics/recentlychanged/12/Population-Growth-of-Ireland.html)

Hours Worked

The figure 8 below illustrates on the efforts within the Irish labour market to reduce the amount of working hours. This rate records downward trend before the economic recession that forces it to register upward trend.

Figure 8: Average annual hours per employed person in Ireland (http://www.statusireland.com/statistics/recentlychanged/12/Population-Growth-of-Ireland.html)

Unemployment in the Irish Labour Market

The republic of Ireland projects one of the highest economies in relation to unemployment incidences. Within the framework or context of European Union, the Republic of Ireland ranks fifth in consideration of unemployment within the labour economy or market. This unemployment rate stands at slightly above 15% with high chances of increment in case of no change to the economic problems in the Irish labour market. This represents drastic change from effective and efficient labour market to poor performing market structure over the past few years. At one point in the economic history, the Republic of Ireland was at 14th among 15 members of the European Unions. Several limitations prove costly to the labour market in the Irish context. These reasons precisely illustrate the current unemployment condition in the Republic of Ireland. The first reason for unemployment condition in the Irish labour market is economic recession. The republic of Ireland experiences financial crisis that traces back in the year 2008. This financial crisis or economic recession limits the amount of employment opportunities to the citizens of the country. Unemployment rates indicate the percentage of individuals who have the needed expertise and qualifications to serve within the economy but lack such opportunities to show case their talents and skills. Numerous actual economic recessions have hit the country despite progress and revival attempts to change the situation of the labour market. Economic recession of Ireland also affects considerably the export sector that plays a critical role to the development of the economy. This adverse effect on the export sector affects the number of job opportunities available to the workforce within the economy hence rapid increase in the level of unemployment. This contributes enormously to the unemployment rate in relation to other European Union members (Borooah et al., 2011, pg 144-164).

Economic recession in Ireland indicates a situation of decrease in the spending capacity of the consumers supplementing the rapid employees' layoffs. This financial crisis leads to decrease in the circulation of money within the economy thus growth in the unemployment rate within the Irish labour market. The number of individuals or workforce falling under the unemployment basket within the Irish economy is approximately closer to two hundred thousand persons. Decrease in the money circulation in relation to the labour market explains the closure of many business entities within this economy thus unemployment increase. The other reason for unemployment in the Irish labour market is seasonal conditions (seasonal unemployment). Seasonal unemployment indicates the situation of duration employment. Employees work for a given duration before the essence of lay-off or termination of the contract. This contributes to the high rates of unemployment within the Irish labour market. This is because individuals cannot obtain long-term employment opportunities.

The third reason for unemployment in the republic of Ireland is the increase in technology use. This indicates application of machineries to perform amount of work many individuals could execute manually. Technological use deprives many potential employees of working opportunities thus rendering them jobless. Technological application within the economy contributes to the minimization of employment opportunities thus increase in the rate of unemployment in the labour market. The fourth reason for unemployment incidences in the Irish labour market is the prevalent lack of skills among the workforce. Technology within the economy renders employed people jobless. Their attempts to search for employment opportunities elsewhere suffer tremendous blow because of lack of skill to acquire the positions. Skills to operate the machineries within the economy also prevent some individuals from acquiring job opportunities. This situation plays a critical role to the development and growth of unemployment in the Irish labour market.

Early school dropouts also play a vital role in the incidences of unemployment in the republic of Ireland. This is because most individuals leave their educational centres or institutions without relevant certificates thus unable to secure employment opportunities. The bureaucracy in the economy requires certification to prove workforce's qualification. Lack of certification limits the number of employment opportunities within the economy thus increase in the conditions or incidences of unemployment in the Irish labour market. The other cause of unemployment incidences is ineffective and inefficient economic applications or principles. Economic principles and policies play a vital role in the creation of employment opportunities in an economy. Presence of unemployment incidences indicates that the economic principles do not operate to their optimal levels. This calls for radical change in the economic policies in order to revive the economy from the slump. This is because unemployment incidence has the overall effect of lowering down economic growth and development thus lowering the total revenues available for injection within the economy (Borooah et al., 2011, pg 144-164).

Policy Solutions to Revive the Irish Labour Market from Unemployment

Numerous policies and economic principles illustrate attempts by the Irish labour market to revive the economy from economic recession thus reducing the incidences of unemployment among the workforce. The first approach towards the realization of minimal levels of unemployment in… READ MORE

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Quoted Instructions for "International Labour Economics" Assignment:

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Assignment task (50% of the marks)

Country Case Study

You are required to write a 2000 word report which provides a critical assessment of the Irish labour market.

Specifically you are required to:

1. Provide a statistical profile of the Irish labour market and present an overview of the most important trends and developments in this country*****s labour market over the past decade.

2. Select one particular aspect of this country*****s labour market (this might be focused on unemployment, education, inequality, immigration, welfare, discrimination or other relevant labour market indicator) and using relevant economic concepts and models present a critical analysis of developments in this area.

3. What policy solutions have been applied in relation to the topic in 2. above? Evaluate these and make relevant proposals for future policy improvements or reforms.

Statistical material is available through:

http://stats.oecd.org/Index.aspx

and http://www.ilo.org/empelm/what/lang--en/WCMS_114240

Statistics on EU countries can be found at:

http://epp.eurostat.ec.europa.eu/portal/page/portal/eurostat/home/

Each country will also have a government website:

Central Statistics Office, Ireland: www.cso.ie

General Economic background can be found in:

OECD(2011) *****˜Economic Outlook*****

OECD(2011) *****˜Employment Outlook*****, synopsis and country notes available online at

http://www.oecd.org/document/46/0,3746,en_2649_34747_40401454_1_1_1_1,00.html

see also various previous years of this report.

OECD (various years) *****˜List of Social, Employment and Migration Working Paper Series*****, available online via

http://www.oecd.org/document/4/0,3746,en_2649_33729_2380420_1_1_1_1,00.html

OECD Country Reports:

http://www.oecd.org/countrieslist/0,3351,en_33873108_33844430_1_1_1_1_1,00.html

IMF Background Information

http://www.imf.org/external/country/index.htm

Additional indicative reading

Freeman,R (2008) *****˜Labor Market Institutions Around the World*****, CEP Discussion Paper, 844, available at: http://cep.lse.ac.uk/pubs/download/dp0844.pdf

Goldin,I., Balarajan,M. and Cameron, G. (2011) Exceptional People: how migration shaped our world and will define our future, Princeton University Press. (304.8/GOL)

Assessment criteria

1. Your collection, presentation and interpretation of relevant data and statistical material.

2. Your use of economic theory (i.e. relevant models) in support of your analysis.

3. Your ability to present and evaluate relevant policies.

4. Analysis which indicates wide reading and knowledge of the academic literature (i.e. not sources such as wikipedia) and which demonstrates library research.

5. Your ability to express yourself coherently.

Presenting coursework for assessment

Assignments must be presented in the following format:

ï± Assignments must be word-processed in 11 point Arial font and double spaced

ï± All pages must be numbered

ï± The assignment must be presented with an assignment statement of originality that is signed, have a front cover showing the programme title, module number and name, title of the assignment, name of the person submitting the work, student number and submission date

Assignments not complying with this format will be returned to students unmarked.

Assignment length

Maximum word length is 2000.

The specified word count refers to the main body of the report and does not include front cover, title page, contents page, executive summary, reference list, bibliography or appendices. The word count does include headings, tables and in-text citations, but not equations or diagrams.

Appendices themselves will not be marked. However, inappropriate use of appendices will be taken into consideration when awarding the final mark.

Words that exceed the maximum allowed will not be marked. If in doubt, you should discuss this with the Module Leader before submission.

Submission date and instructions

1) The Submission deadline is Wednesday 11th July 2012.

2) On or before the submission deadline your work should be handed in to the Undergraduate Office (Simon Williams building)

3) Assignments must not be handed in directly to members of staff or left in staff pigeonholes

Marking Criteria

Pass grade C: (i) shows an average level of knowledge relating to the key trends and developments in the relevant labour market and can represent these using an adequate statistical/graphical presentation (ii) makes use of the basic relevant economic concepts and shows some skill in using them to satisfy the coursework requirements Will demonstrate a superficial knowledge of policy issues.

Grade B: answer (i) demonstrates a good knowledge of the key trends and developments and can interpret these and (ii) has a good knowledge of the relevant economic concepts and has considerable skill in applying these . Will be supported by diagrammatic analysis where appropriate and will be able to provide a competent evaluation of relevant policies.

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Grade B+: answer demonstrates a thorough knowledge of the key trends and developments in the relevant labour market and shows a thorough grasp of the relevant economic framework and has a strong ability to apply the theory. Work will draw on a range of literature and will be able to provide a good evaluation of relevant policies and can make relevant policy recommendations.

Grade A: answer will demonstrate an excellent grasp of the key trends and developments and will be able to present these in a concise statistical/graphical presentation. The answer will also indicate an excellent understanding of the relevant economic framework and will draw on a wide academic literature. Answer is able to give coherent and argued policy recommendations based on a synthesis of the above evidence.

*****

How to Reference "International Labour Economics" Term Paper in a Bibliography

“International Labour Economics.” A1-TermPaper.com, 2012, https://www.a1-termpaper.com/topics/essay/international-labor-economics-programme/61730. Accessed 5 Jul 2024.

International Labour Economics (2012). Retrieved from https://www.a1-termpaper.com/topics/essay/international-labor-economics-programme/61730

A1-TermPaper.com. (2012). International Labour Economics. [online] Available at: https://www.a1-termpaper.com/topics/essay/international-labor-economics-programme/61730 [Accessed 5 Jul, 2024].

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[1] ”International Labour Economics”, A1-TermPaper.com, 2012. [Online]. Available: https://www.a1-termpaper.com/topics/essay/international-labor-economics-programme/61730. [Accessed: 5-Jul-2024].

1. International Labour Economics [Internet]. A1-TermPaper.com. 2012 [cited 5 July 2024]. Available from: https://www.a1-termpaper.com/topics/essay/international-labor-economics-programme/61730

1. International Labour Economics. A1-TermPaper.com. https://www.a1-termpaper.com/topics/essay/international-labor-economics-programme/61730. Published 2012. Accessed July 5, 2024.

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